News
HOTEL MONACO'S QUEST FOR CORPORATE
April 3, 2012
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| Kimpton has landed a $46M senior loan for repositioning Baltimore's 202-room Hotel Monaco at 2 N Charles and San Diego's 183-room Hotel Palomar. This afternoon, PCCP's Rob Cohen told us his firm's underwriting is not based on improvement in the local market but on Hotel Monaco's ability to bring in more corporate guests. It has 6,000 SF of meeting space and another 3,000 headed for the same use. Previous owners Baltimore and Charles Associates restored and converted the former HQ for Baltimore & Ohio Railroad (B&O to you Monopoly players who think railroads and utilities will win you the game), built in 1906, into a luxury boutique hotel in 2009. The debt on the renovations became too much, and primary lender Capmark Bank sold the note to Hotel Monaco parent Kimpton (via its Hospitality Partners II fund) in February 2011. Kimpton obtained fee title in April of that year. |
