Kimpton Hospitality Partners II, a $202 million fully discretionary equity fund, announced today it has acquired Philadelphia’s historic Lafayette Building with plans to convert the 11-story office building across from the Liberty Bell into a 271-room Hotel Monaco.
Built in 1906, the Lafayette Building is located directly across from Independence Hall and the Liberty Bell. Construction is slated to begin in spring 2011, with a projected opening in fall 2012. The Hotel Monaco Philadelphia will be Kimpton Hotels & Restaurants’ second property in Philadelphia; Hotel Palomar and adjacent restaurant Square 1682 near Rittenhouse Square opened in October 2009 and is also owned by the company’s KHP II Fund.
Upon completion, the new Hotel Monaco Philadelphia will feature a chef-driven, 120-seat restaurant and bar and approximately 12,000 square feet of meeting space, including a 3,200 square foot ballroom located on the ground floor with windows facing Independence Square. The hotel’s 271 guestrooms will include 23 suites and 25 King Spa rooms.
