Inland American Real Estate Trust, Inc. Purchases Three Boutique Hotels
Monday November 4th, 2013 - 12:59PM EB
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OAK BROOK, IL—Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., has acquired three luxury boutique hotels from Kimpton’s Hotel Monaco collection for $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 luxury boutique hotels that are converted from 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," stated 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.”
Tags: Inland American Real Estate Trust • Hospitality • Brands • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.