HEI Hotels & Resorts, Norwalk, Conn., will buy the planned Le Meridien Hotel, in the former YMCA at 1421 Arch St., Philadelphia, when the hotel opens in 2009, HEI partner Steve Mendell said today in a statement.
The seller is Development Services Group Inc., of Memphis. The purchase price was not disclosed.
Development Services has hired Blackney Hayes Architects of Philadelphia to design the hotel, said Blackney spokeswoman Svetlana Yazovskikh.
Domus Inc. of East Falls will be general contractor, said Domus Inc. vice president Scott Zuckerman.