WACHOVIA BANK PROVIDES $50 MILLION IN FINANCING FOR HOTEL REDEVELOPMENT

PHILADELPHIA — Wachovia Bank has provided $50 million in financing for the redevelopment of the Architect’s Building located in Center City Philadelphia. Klimpton Hotels & Restaurants is redeveloping the building into The Hotel Palomar, a luxury 230-room boutique hotel. The hotel will feature amenities such as a ground-floor restaurant and bar, 6,500 square feet of meeting space and a 650-square-foot fitness center. The hotel is set within the Rittenhouse Square neighborhood at 117 S. 17th St., which offers a wide variety of shopping, dining and cultural activities for tourists. The hotel is scheduled for completion in late 2009.