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Study Hotels Expanding To Philadelphia's University City

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SOURCE Hospitality 3

Hospitality 3 to Develop New 212-Room Hotel On the Campus of Drexel University

NEW YORK, May 2, 2014 /PRNewswire/ -- Study Hotels, the unique lifestyle concept developed by Paul McGowan of Hospitality 3 to deliver high-quality, full-service lodging to university markets, is expanding to Philadelphia's dynamic University City district.

The Study at University City will feature 212 rooms, approximately 7,000 square feet of banquet/meeting space, a 105-seat corner restaurant and bar and a state-of-the-art fitness center in Philadelphia's dynamic University City district.  The hotel will be developed and owned by Hospitality 3 and operated by its subsidiary, Study Hotels.

Following the success of The Study at Yale, the brand's first hotel located in New Haven, Connecticut, Hospitality 3 has signed an agreement to enter into a long-term ground lease with Drexel University. The Study at University City, to be built on the corner of 33rd and Chestnut Streets in West Philadelphia, will be developed and owned by Hospitality 3 and operated by its subsidiary, Study Hotels.

"We are delighted to have secured such an incredible site in the heart of University City and a short walk from 30th Street Station," said Mr. McGowan.  "Our goal is to create an urban retreat where visitors to campus, culture seekers, professors, students, families and locals intersect to enjoy welcoming spaces and approachable hospitality. The Study at Yale has become an integral part of the Yale University community, and we look forward to playing a similar role in University City by embracing the positive spirit of the area's thriving academic, research and medical institutions."

The 145,000-square-foot hotel will feature 212 rooms, approximately 7,000 square feet of banquet/meeting space, a 105-seat corner restaurant and bar and a state-of-the-art fitness center.  Hospitality 3 collaborated with Philadelphia-based architects DIGSAU to design the hotel with a focus on engaging its surroundings while capturing the character of the area and personality of the neighboring institutions. The hotel is scheduled to open in 2016, according to Mr. McGowan.

"A hotel that meets the needs of an academic community is the natural next step in University City's evolution, and the Study Hotels concept is a great fit," said John A. Fry, president of Drexel University. "Creative partnerships are one of the keys to developing Drexel's Innovation Neighborhood, and we're proud to work with Hospitality 3."

Hospitality 3 is pursuing other ground-up development and conversion opportunities in campus locations. "The response to our concept has been very positive and the timing seems right for expansion to other university markets," said Mr. McGowan.

ABOUT HOSPITALITY 3
Hospitality 3 is a Connecticut and Manhattan-based hotel development company founded in 2001 with active investments and an impressive resume of large-scale hotel projects worldwide.  Hospitality 3's skilled management team has more than 75 years of combined experience in the design, planning and execution of hospitality development projects. Visit www.hospitality3.com for more information.

ABOUT STUDY HOTELS
Study Hotels is a lifestyle concept conceived to accommodate the needs of university markets by offering high quality, full-service lodging. Stylish, comfortable and sophisticated, its hotels are designed to encourage social and cultural interaction in a relaxed environment. Study Hotels' mantra "read, rest, reflect"®, and its reading glasses icon capture the essence of the experience and emotional connection the brand strives to create for its guests.

ABOUT DIGSAU 
DIGSAU is an award-winning firm practicing contemporary architecture, urbanism and environmental design.  The Philadelphia-based practice is driven by the belief that architecture can allow people to discover connections between each other, place, and history, and that these connections empower and inspire people to be more creative, productive, and fulfilled.  Their projects fuse craft and low-tech construction methods with today's digitally-informed manufacturing processes.  Founded in 2007, the firm is recognized for expertise in providing unique, high-quality design to a broad and diverse client group. For more information email info@digsau.com.

Photo - http://photos.prnewswire.com/prnh/20140502/83782

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