[IMGCAP(2)]Long tells GlobeSt.com the all-in cost of conversion,including the acquisition, is $92.5 million. Work will begin inFebruary and is scheduled for completion in mid-fall 2009. Thehotel will be an upscale boutique hotel, the 10th in Kimpton'sPalomar brand and the company's 11th adaptive reuse development."Since our first adaptive reuse project in 1991, we've enjoyedbringing new life to architectural landmarks in major urbansettings," says Michael Depatie, president and CEO of Kimpton, in astatement.

The Art Deco building was competed in 1931. It is an historicstructure, and Long says the new owner has applied for federalhistoric tax credits. The exterior will be restored and preservedessentially intact, but with a new entryway. It will have a newground-floor restaurant, more than 6,000 sf of meeting space, a16-person high-tech boardroom and a 3,000-sf penthouse-levelballroom featuring original details, including ceiling molding, andviews of Center City on three sides.

Regarding the restaurant, Long says Kimpton has expertise inestablishing chef-driven restaurants with specialty themes,"targeted to appeal to the community. Although they are in a hotel,they are designed, as this one will be, as standalone restaurantsfor their respective cities."