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Jones Lang LaSalle Hotels arranges the sale of three hotel Monaco properties
Jones Lang LaSalle Hotels arranged the sale of the Hotel Monaco Chicago, the Hotel Monaco Denver, and the Hotel Monaco Salt Lake City on behalf of Kimpton Hotels & Restaurants. Purchased by Prudential Real Estate Investors on behalf of its clients, the three hotels include the 192-room Hotel Monaco Chicago, the 189-room Hotel Monaco Denver, and the 225-room Hotel Monaco Salt Lake City. Each property is an architecturally significant and historic structure that has been fully restored. The three hotels will continue to be managed by Kimpton under the terms of the existing contracts.

“While boutique hotels have outpaced other hotel types as of late, Kimpton and especially the Monacos will outshine their competitors in the market,” said Arthur Buser, managing director for Jones Lang LaSalle Hotels. “As evidenced by these three properties surpassing their competitive sets by a wide margin, they are and will continue to be among the top hotels in their respective markets. As it relates to these specific cities, the outlook for the markets is very positive as was reflected in the competition for these assets.”

“Kimpton’s twenty years of history and the strong recognition of the Monaco brand have set these hotels apart from the rest of the boutique hotel field,” said Art Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels. Theodore Koumelis - Thursday, March 10, 2005