The newly acquired assets are the 189-room Hotel Monaco in Denver, Salt Lake City's 225-room Hotel Monaco and a 192-room property in Chicago. The transaction was arranged for Kimpton by Jones Lang LaSalle Hotels.
Under the terms of the sale, the San Francisco-based Kimpton will continue to manage the three properties. "Their boutique hotel management expertise remains very important to the performance of these properties," says Collete English Dixon, investment vice president in PREI's Chicago office. "This acquisition gives our investors the potential for solid returns."
Kimpton is known for its collection of upscale boutique-type hotels, most of which are coupled with chef-driven restaurants. Founded in the early 1980s, the company currently has a portfolio of 39 properties, including the recently opened Onyx Hotel in Boston and 70 Park Avenue in New York City.
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