News
MONACO BACK IN BUSINESS
March 9, 2011
| Not that Hotel Monaco ever stopped taking guests, butBaltimore and Charles Associates announced Monday that the US Bankruptcy Court will approve its plan to sell the hotel space at 2 N Charles St to Kimpton Hotels for $33M as part of its Chapter 11 filing. |
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| An affiliate of Bethesda?s Kenwood Management is buying the landmark building's retail and office space (ground-level and floors four through six) for $1.3M, says B&C attorney Larry Yumkas. He tells us his client converted the case to voluntary bankruptcy after design-build contract price overruns by contractors last year in the midst a $65M renovation meant it would get creditors a better deal. Kimpton was already managing the hotel space, Larry tells us, and Kenwood will focus on keeping the office space consistent with the Monaco brand (in other words, really, really nice). Larry says the deal will officially close three to four weeks after the court enters a confirmation record, the timing of which is still unclear. |
