HARRISBURG, July 14, 2010 – State Sen. Vincent Hughes (D-Phila./Montgomery) announced today that PIDC Industrial Development Corporation will receive a $2 million low-interest state loan to build a Hilton Homewood Suites extended-stay hotel.

Hughes added that the project is expected to generate local jobs and boost revenue in the University City District of Philadelphia.

“The 40th and Walnut Street area has been the focus of redevelopment planning initiatives here in Philadelphia for nearly 15 years,” Hughes said. “I am pleased that the state funding for this extended-stay hotel will be a huge boost for redevelopment in this area.”

The 110,000 square foot, 10-story, 136-suite hotel represents the largest private investment in the West Philadelphia neighborhood west of 40th street in decades. The hotel will be located at 4109 Walnut Street in the University City District.

Hughes added that the hotel will fill a substantial room demand generated by Penn University, its hospital system and the Children’s Hospital of Philadelphia, as well as other area institutions.

“There is a real reed for convenient and cost effective lodging for the families of patients, consultants and itinerant employees on long visits to the area institutions,” Hughes said. “This hotel will fill that demand.”

The project is expected to create 34 permanent full time jobs and roughly 350 temporary construction jobs.

The funding is from the Building PA funding program administered by the Commonwealth Financing Authority (CFA). The loan was approved during a CFA meeting last week.

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