As we continue to claw our way back from the financial crisis that’s weighed us down since 2008, we’re encouraged when we hear about major downtown projects that indicate renewed optimism in the marketplace. The hospitality industry has been fairly stagnant over the past decade, though we’ve seen some recent action when the Hotel Palomar opened in 2009. Hotel Monaco in Old City is set to open later this year.

Hotel Palomar

Future Hotel Monaco

Last week was the groundbreaking for the new 246 room Home2 Suites by Hilton at 12th and Arch Sts., a project we told you about six months ago. Though about $10M in government loans and grants are funding this project, another $50M of private capital makes up the difference. Just last week, we gave you the heads up…

In July, we celebrated the five-year anniversary of the announcement of a plan to construct a W hotel, plus condos, at the southwest corner of 12th and Arch Sts., across from the Convention Center and the Reading Terminal Market. If you’ve walked by that corner at any point in the past five years, you probably noticed that the parking lot looks nothing like a W hotel. Still kind of looks like a parking lot.

Parking lot

Definitely just a parking lot

Looking south. Parking lot on the right, Reading Terminal Market on the left

According to Planphilly, Mayor Nutter, along with Robert and Joseph Zuritsky of Parkway Corp., will announce new plans for a hotel on Monday…