BNET -- Philadelphia’s Waldorf Astoria Hotel put on ice — A 58-story Waldorf Astoria Hotel planned for Center City is on hold. The $420 million project, which included upscale shopping, spa and condos, was delayed when Timothy J. Mahoney III, president and chief executive officer of Mariner Commercial Properties Inc., sold his stake in the project to his partner, Brook Lenfest of Brooks Capital Group. Mahoney cited current unfavorable economic conditions as his reason to sell his 50 percent share.
