Kimpton Hotels announced yesterday that it has acquired Philadelphia’s historic Lafayette Building on Independence Mall with plans to convert the 11-story office building into a 271-room, four-star Hotel Monaco. Built in 1906, the Lafayette Building is located directly across from Independence Hall and the Liberty Bell on the northeast corner of 5th and Chestnut Streets.
Construction is slated to begin in spring 2011, with a projected opening in 2012.
Upon completion, the new Hotel Monaco Philadelphia will feature a chef-driven, 120-seat restaurant and bar and approximately 12,000 square feet of meeting space, including a 3,200 square foot ballroom located on the ground floor with windows facing Independence Square.
The hotel’s 271 guestrooms will include 23 suites and 25 King Spa rooms.
The Hotel Monaco Philadelphia will be Kimpton Hotels and Restaurants’ second property in Philadelphia; Hotel Palomar and adjacent restaurant Square 1682 near Rittenhouse Square opened in October 2009.
A pioneer in the hospitality industry for adaptive reuse of historic buildings, Kimpton’s plans call for the renovation and refurbishment of the distinctive building in the prestigious Old City section of Center City.
“Philadelphia continues to grow as a leading tourist destination as well as a hub for local and national
business, which makes it a perfect place to invest and expand the Kimpton brand,” said Kimpton CEO
Michael Depatie. “As with Hotel Palomar here, we’re also thrilled with the opportunity to revitalize such an iconic, landmark building as the Lafayette.”
Hotel Monaco Philadelphia will be Kimpton’s 12th adaptive reuse development, and the 10th Hotel Monaco in the Kimpton collection of boutique hotels.
The largest, most established player in the boutique hotel segment, Kimpton currently operates 51 artfully designed hotels and 54 distinctive restaurants and lounges in the United States and Canada.