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3/30/12
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PCCP LLC announced today it has provided a $46 mil senior loan to KHP Fund II L.P., a real estate private equity fund sponsored by Kimpton Hotels & Restaurants, to finance the repositioning of two hotels. The hotels are the 202-room Hotel Monaco Baltimore and the 183-room Hotel Palomar San Diego.
Kimpton purchased the Hotel Palomar San Diego out of bankruptcy in June 2011. Located in downtown San Diego near the Gaslamp district, the Palomar property includes 14.3k sf of meeting space, a 5.5k sf spa, an outdoor pool with a 7k sf deck, an adjacent 31.3k sf restaurant property occupied by House of Blues, as well as a recently re-concepted Saltbox Dining & Drinking restaurant.
The Palomar opened in 2008 and features high quality custom finishes throughout the guestrooms and common areas. The Palomar was previously operated under the name Sè Hotelby, an independent manager. Kimpton plans to more effectively market the hotel to corporate groups and corporate guests as one of the premiere luxury boutique hotels in the market.
Kimpton purchased the note secured by the Hotel Monaco Baltimore from Capmark Bank in February 2011 and obtained fee title in April 2011. The Monaco is located in the former Baltimore & Ohio Railroad headquarters, a landmark building originally constructed in 1906.
The prior developer restored and converted this historic building into a luxury boutique hotel which opened in 2009. In addition to 202 guest rooms with luxury amenities, the Monaco is home to the award-winning B&O American Brasserie and offers 6k sf of meeting space with an additional 3k sf of space currently being converted to meeting facilities.
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