A Hyatt is being planned as the Navy Yard’s second hotel

A Hyatt hotel may be coming to the Navy Yard’s historic barracks, and it could open as soon as 2026.

“We still have a long way to go in pulling this project together in what is a challenging economic environment, but we’re really optimistic on the hotel and the program,” said Mark Seltzer, managing director at Ensemble Real Estate Investments, one of the firms developing the space.

Ensemble is working in partnership with Mosaic Development Partners, a local developer. Seltzer says they hope to open the hotel by 2026 when Philadelphia will host the FIFA World Cup, the MLB All-Star game, and will be marking the country’s 250th anniversary. The events are estimated to bring thousands of tourists to the city.

“Our goal is to participate and be an incredible resource for the city and for all the visitors with those events,” Seltzer said.

The firms are still working to secure the necessary equity to make the project possible.

The development plans are centered on the complex that formerly housed the Navy Yard’s security detail. Built between 1919 and 1942, the site was decommissioned by the U.S. Department of Defense, and in 2000, it became the property of the city.

The Hyatt would be the second hotel in the Navy Yard, joining the Courtyard by Marriott Philadelphia South, which opened in 2014. The Marriott, which was also developed by Ensemble, has 214 rooms and 2,000 square feet of meeting space. Bringing another hotel to the area allows the national realty firm to diversify its offerings, Seltzer said.

The new hotel would be part of The Unbound Collection by Hyatt and is expected to have about 18,000 square feet of meeting space to host conferences, according to Seltzer. The plans also include an outdoor courtyard and ballroom. These event spaces, which could be used for weddings and other large gatherings, are currently lacking from this area of the city, Seltzer said.

“It’s frankly an offering at the Navy Yard that we get asked for a lot, and the Marriott Courtyard simply wasn’t designed for that,” he said.

Seltzer hopes to attract weekend travelers, luxury business, athletes, and performers to the hotel. The plan includes over 20 suites, including a large presidential suite, as well as standard rooms with high ceilings, oversize beds, and large footprints.

Once built, the hotel will be called The Waylen, which comes from an old English word for “skilled craftsman or a maker,” and honors the work that has been done at the Navy Yard and continues to this day, Seltzer said.

“For 125 years, the Navy Yard built ships to defend our country from war,” Seltzer said. “Today, and for the next 125 years, the Navy Yard is making therapies that literally [are] curing cancer. It’s a place of innovation, it’s a place of makers.”