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Hotel Monaco and Hotel Palomar to remain in Kimpton ownership

7 january 2015
It's complicated but the Hotel Monaco and Hotel Palomar in Philadelphia will not get new ownership as a result of a merger between InterContinental Hotels Group and Kimpton Hotels & Restaurants but instead will become a separate brand under the InterContinenal Hotels umbrella.
Here's how Kristin Huxta Bradley, spokeswoman for Kimpton Hotels & Restaurants in Pennsylvania explains the situation:
"The ownership of Kimpton hotels and restaurants is not part of the sale of the brand Kimpton Hotels & Restaurants, which is a hotel management company, to InterContinenal Hotels Group. IHG has acquired only the Kimpton brand and management company. All 62 Kimpton Hotels will continue to be owned by a number of different institutional real estate owners and development companies."
Bradley continued to note that the two hotels here in Philadelphia are owned by the Kimpton KHP Fund, which is a real estate private equity fund business that's separate from our management company. As of the date of the sale, the Kimpton KHP Fund, which will be spun off as a completely separate business, owns roughly 30 percent of the existing and pipeline Kimpton Hotels. So, to sum it up, the ownership of Monaco and Palomar Philadelphia will remain unchanged and still owned by the Kimpton KHP Fund. The hotels will each still be managed by Kimpton Hotels & Restaurants, which will become a separate brand under the IHG family. IHG's umbrella includes other brands such as Intercontinental, Crown Plaza, Hotel Indigo, and Holiday Inn.
The Monaco is at 433 Chestnut St. overlooking Independence Hall and the Palomar at 117 S. 17th St. at Rittenhouse Square. The $430 million deal is expected to close during the first quarter.
Source: bizjournals.com

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