Kimpton to Co-Develop Another Hotel in Chicago
- May 29, 2008
Kimpton Hospitality Partners II, which recently closed a $246 million equity fund, is investing in the development of a new property in Chicago, the Hotel Palomar. Scheduled to open in the fall of 2009, the 35-story, mixed-use tower will be located at 505 North State St., two blocks west of the North Michigan Ave. retail district. Plans for the hotel portion of the development call for 261 rooms, including 20 suites, with one large presidential suite, and a street-level restaurant and bar at the corner of State and Illinois streets. Above the hotel will be about 121 corporate housing units operated by Bridgestreet Corporate Housing. The full-service hotel, currently being developed in a partnership with the Chicago-based John Buck Co., will be the eleventh Hotel Palomar in the Kimpton chain of boutique hotels. All together, Kimpton manages a total of 43 hotels in the United States and Canada, with another 18 under development and scheduled to open in the next three years. And Kimpton is no stranger to the Chicago hospitality market, which it entered 10 years ago with the redevelopment of the storied Bismarck Hotel in Downtown Chicago, which it rechristened Hotel Allegro, and which is currently undergoing another multimillion-dollar makeover. Subsequently, the company acquired and redeveloped two other Downtown properties into the Hotel Monaco and the Hotel Burnham.