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Have the Rumors of a Hotel Indigo Been Greatly Exaggerated?

In April last year we told you about the new plan for the Bailey Building at 12th and Chestnut: a Hotel Indigo. At that time the Business Journal's Natalie Kostelni noted that financing for the project— to be arranged by PMZ Realty Capital—was expected to be lined up by summer 2012.

Yet in this week's Inquirer article about a potential hotel boom, Suzette Parmley characterizes the project as "not yet formally announced," and a principal in the project declined Parmley's request for comment. It seems clear that summer 2012 came and went without financing resolved.

Over on Philadelphia Speaks, the conversation has turned to the fate of the Wine & Spirits shop on the first floor of the Bailey Building and privatization of the Pennsylvania state system. At the moment, that seems more likely to happen than the Hotel Indigo.
Four new hotels heading to Philadelphia [Inquirer]
· Is This Center City Hotel a Good Idea? [CPHI]