Kimpton to Invest in Fourth Chicago Hotel
Recently Closed Fund
MAY 29, 2008. Kimpton Hospitality Partners II, which recently closed a $246 million equity fund, announced this week it will in invest in the development of a new Hotel Palomar Chicago, the fourth hotel for Kimpton in Chicago. The newly constructed, full-service hotel, being developed in a partnership with The John Buck Company, will be the eleventh Hotel Palomar in the Kimpton collection of boutique hotels.
Scheduled to open in the fall of 2009, the 35-story, mixed-use tower will be located at 505 North State Street in Chicago's North Bridge district, two blocks west of the "Magnificent Mile" area of North Michigan Avenue. Above the hotel will be approximately 121 luxury corporate housing units operated by Bridgestreet Corporate Housing.
"Chicago has been such a great market for us since opening our first property there-Hotel Allegro-in 1998," said Kimpton CEO and President Michael Depatie. "Choosing to invest a part of our own discretionary fund here is a testament to this city which has proved to be a great market base for our product."
North America's largest and most established player in the boutique hotel segment, Kimpton already operates three other properties in Chicago including Hotel Monaco, Hotel Burnham and Hotel Allegro, which is currently undergoing a multimillion dollar makeover. Kimpton manages a total of 43 boutique hotels in the United States and Canada, with another 18 under development and scheduled to open in the next three years.
Hotel Palomar Chicago's front entrance and lobby will be predominantly visible on State Street facing an outdoor plaza shared with the adjacent office building. The hotel will feature 261 state-of-the-art guest rooms including 20 suites with one large presidential suite. The street-level, chef- driven restaurant and bar will be located at the corner of State and Illinois streets, and will feature additional outdoor terrace seating.
Based upon the results of more than 100,000 surveys conducted by the Harris Interactive, the 2007 Market Metrix Hospitality Index survey, recently ranked Kimpton the highest in customer satisfaction-exceeding all industry competitors and such luxury brands as The Ritz-Carlton, Four Seasons and Peninsula Hotels.
Pioneering the boutique hotel movement for the past 27 years, Kimpton continues to define the fast-growing segment and has earned a reputation for its innovative and personalized approach to hospitality, providing a comfortable, one-of-a-kind experience for guests based on special attention and dedication to individuality in design, service, unique programs and amenities. For more information about Kimpton visit www.kimptonhotels.com or call 1(800) KIMPTON.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
