Adaptive reuse of historic, 1903 Beaux Arts building in heart of downtown is joint venture between PMC Property Group and Kimpton’s KHP Fund III.
SAN FRANCISCO – Kimpton Hotels & Restaurants announced it will expand into Pittsburgh, Pennsylvania with the conversion of an historic, Beaux Arts-style building into a new Hotel Monaco.
An adaptive reuse of the city’s iconic James H. Reed Building, originally built in 1903, the new Hotel Monaco Pittsburgh will feature 247 rooms, nearly 9,000 square feet of meeting and event space and a chef-driven, 120-seat restaurant with a prominent corner entrance. Slated for a late 2014 opening, the nine story property is located at the intersection of 6th Avenue and William Penn Way, across from prestigious Mellon Square and in the heart of the city’s bustling Golden Triangle area. The new hotel’s interiors will reflect a locally inspired and distinctive take on the vibrant and whimsical Hotel Monaco style.
“We’ve had great success throughout the Northeast and in Pennsylvania, and Pittsburgh is a logical choice for expansion, especially given the relative lack of boutique style properties and high demand for that here,” said Kimpton Chief Executive Officer Mike Depatie. “Also, as the 22nd largest city in the country with many Fortune 500 companies, universities and a thriving technology sector, Pittsburgh deserves a great boutique hotel. We think visitors and locals will appreciate the warm and playful approach to hospitality Kimpton brings to the market.”
A joint venture with Philadelphia developer PMC Property Group, Kimpton’s KHP Fund III owns a 50 percent stake in the new hotel, making it the company’s third owned and operated property in Pennsylvania, joining the Hotel Monaco Philadelphia and Hotel Palomar Philadelphia.
“We are thrilled to partner with Kimpton on this project, given their experience and proven track record with adaptive reuse projects, and we are impressed with the quality and professionalism of the Kimpton team,” said PMC Property Group President Ron Caplan. “We have also developed many historic conversion properties over the years, so it seemed like a natural partnership to work with Kimpton on this unique hotel.”
For Kimpton, Pittsburgh represents the brand’s continued expansion beyond the core urban hubs of New York, San Francisco, Washington, DC and Chicago. For example, within the past year alone, Kimpton has also added or announced plans for hotels in such cities as Milwaukee, Cleveland, Austin and San Antonio. In addition, the new Pittsburgh hotel strengthens the company’s already robust portfolio in the Northeast and Mid-Atlantic region, joining 22 existing hotels in Washington, DC, Boston, New York, Virginia and Philadelphia.
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