Three urban hotels sell for $189 million

Three hotels recently changed hands.

A trio of high-profile hotels are changing hands in major metro markets around the country.

Hotel Monaco properties in Chicago, Denver and Salt Lake City, Utah, have been acquired by Inland American Lodging Group for $189 million, according to the Chicago Business Journal. Inland American Lodging Group is based in Oak Brook, Ill., out of the Inland American Real Estate Trust. A major key for Inland was where each hotel was situated. The Chicago branch is found on the corner of North Wabash Avenue and East Wacker Place in the hub of downtown Chicago.

"Being located in premier urban locations with multiple demand generators, these hotels are poised to provide superior yields and maintain market leadership," said Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc.

The Hotel Monaco Chicago is a 191-room facility that opened in 1998. The hotel is situated in the north Loop's Fisk Building, and the property includes the 206-seat South Water Kitchen restaurant.

A crucial factor for the Inland purchase was the surrounding area, with the Hotel Monaco Chicago sitting near more than 65 million square feet of office space in Chicago's Loop business district.

"Being located in premier urban locations with multiple demand generators, these hotels are poised to provide superior yields and maintain market leadership," Verbaas said.

The Hotel Monaco brand is one of the boutique brands stemming from the esteemed San Francisco-based Kimpton Hotels & Restaurants chain. According to the Chicago Business Journal, all three Hotel Monaco properties will continue to be managed by Kimpton.

"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," Verbaas said.

What the others hotel have to offer
Opened in 1998, the Hotel Monaco Denver is composed of 189 rooms over six stories. The hotel features 29 suites, a fully equipped fitness center, a salon and spa, and more than 4,000 square feet of meeting space. The property is also home to Panzano, a 248-seat restaurant that offers northern Italian cuisine.

In Salt Lake City, the Hotel Monaco was converted from the Continental Bank Building in 1999 and is the city's first and only boutique hotel. With 225 guest rooms, the Salt Lake City property offers the most space for guests spanning the 15-story building. The space includes 24 suites, a fully equipped fitness center and in-room spa services. There is approximately 3,100 square feet of meeting space.

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