US: Inland American Lodging Group has paid $189 million for the Hotel Monaco properties in Chicago, Denver and Salt Lake City.
The three properties, all conversions from historic buildings, total 605 guest rooms. The properties will continue to be managed by Kimpton, and take the number of hotels acquired by Inland American this year to 13. In September this year it bought the Napa and Savannah Andaz properties from Hyatt for a combined $115 million.
Hotel Monaco Chicago opened in 1998 after being completely redeveloped from the historic 1912 Fisk Building in the downtown area. The 14-story hotel has 191 guest rooms, including 22 suites. Hotel Monaco Denver is a redevelopment of the city’s historic Railway Exchange Building and the Art Modern Title Company Building. It features 189 guest rooms, including 29 suites. The Salt Lake City property was converted from the former Continental Bank Building and is Salt Lake City’s first and only boutique hotel. The 15-story building contains 225 guest rooms, including 24 suites.
Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc., said: “These hotels are well positioned to experience strong growth from the affiliation with Kimpton’s well-established Hotel Monaco flag and their exceptional locations and quality levels,” said “Being located in premier urban locations with multiple demand generators, these hotels are poised to provide superior yields and maintain market leadership. This acquisition of three market-leading hotels in excellent condition enhanced our portfolio’s geographic diversification and complements our recent acquisitions in the boutique, luxury hotel space. We are thrilled to expand our new relationship with Kimpton as we increase our investment in upper-upscale and luxury hotels through the addition of these high-quality assets.”