Inland American Real Estate Trust, Inc. Purchases Collection of Hotel Monaco Properties
Portfolio includes three luxury boutique assets with a total of 605 rooms
Inland American Lodging Group, Inc. ("Inland American"), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., today announced the acquisition of three luxury boutique hotels from Kimpton's Hotel Monaco collection for a purchase price of $189 million. The acquisition includes the Hotel Monaco Chicago, the Hotel Monaco Denver and the Hotel Monaco Salt Lake City, totaling 605 rooms. All three properties are part of Kimpton Hotels & Restaurants' prominent boutique brand, Hotel Monaco, a collection of high quality, luxury boutique hotels that are converted from iconic, historic buildings and feature upscale bars and restaurants.
"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 Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. "Being located in premier urban locations with multiple demand generators, these hotels are poised to provide superior yields and maintain market leadership."
Hotel Monaco Chicago
Opened in 1998 after being completely redeveloped from the historic 1912 Fisk Building, the 14-story hotel offers 191 guest rooms, including 22 suites, a fully equipped fitness center, in-room spa services and approximately 4,100 square feet of meeting space. The property also features the 206-seat South Water Kitchen restaurant that serves chef-inspired, home-style American cooking in a welcoming and comfortable atmosphere. The Hotel Monaco Chicago is ideally located on the corner of North Wabash Avenue and East Wacker Place in the heart of downtown Chicago, adjacent to over 65 million square feet of office space in the Central Loop and East Loop financial districts.
Hotel Monaco Denver
After an extensive redevelopment of Denver's historic Railway Exchange Building and the Art Modern Title Company Building, the six-story Hotel Monaco Denver opened in 1998. The hotel features 189 guest rooms, including 29 suites, a fully equipped fitness center, full-service salon and spa and more than 4,000 square feet of meeting space. In addition, the property includes the acclaimed 248-seat Panzano restaurant that offers northern Italian cuisine in a spectacular urban setting. Nestled in a prime downtown location, the Hotel Monaco Denver is located on the corner of Champa and 17th Street, just one block from the 16th Street Mall and within walking distance of the Colorado Convention Center, Coors Field and the Denver Performing Arts Complex.
Hotel Monaco Salt Lake City
Opened in 1999, the Hotel Monaco Salt Lake City 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, approximately 3,100 square feet of meeting space, a fully equipped fitness center and in-room spa services. The property also features the award-winning, 215-seat Bambara restaurant, including the 55-seat Vault & Lounge, serving contemporary American cuisine in a chic bistro setting with a full exhibition kitchen. Positioned on the corner of 200 South and Main Street in the heart of Salt Lake City's central business district and near the Salt Palace Convention Center and Capital Theatre, the hotel also provides convenient transportation access to the TRAX light rail system.
"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," Mr. Verbaas continued. "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."
The properties will continue to be managed by Kimpton Hotels & Restaurants. With the purchase of these three assets, Inland American has now acquired 13 hotels this year.
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 91 hotels branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties, representing approximately 46 million square feet of retail, industrial and office properties, 10,523 multi-family units and 16,345 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.