Kimpton and ING Clarion Investing $22 mil into Former Holiday Inn in Alexandria, VA
Will transform the 227-room Property into The Hotel Monaco
SAN FRANCISCO, CA, March 8, 2006. Kimpton Hotels & Restaurants Group, LLC, the leader in the boutique/lifestyle hotel segment, today announced plans to open the Hotel Monaco, Alexandria in historic Old Town Alexandria, Virginia, marking Kimpton's ninth hotel in the Washington metropolitan region. In a joint partnership, Kimpton and ING Clarion will invest approximately $22 million into the former Holiday Inn Select, to transform the 227-room property into a luxurious four-star Hotel Monaco. The project is slated for completion by mid 2007.
Conveniently located on King Street in the heart of historic Old Town Alexandria, Washington, DC's thriving commercial and residential submarket, the Hotel Monaco will be situated in an area renowned for its historic charm and variety of cultural attractions. Following the redevelopment, the property is expected to be the highest quality four-star hotel in Alexandria, and will feature 241 of Kimpton's signature, highly stylish guestrooms and suites, pool, health club and an adjacent chef-driven restaurant. The hotel will also offer over 8,000 square feet of meeting space, including a spacious new ballroom for upscale business and social events, catered by Kimpton's restaurant.
The property marks Kimpton's eighth Hotel Monaco, and the second the former Holiday Inn Select to open in the metropolitan region, including the renowned historic Hotel Monaco Washington DC, originally constructed to house the city's first General Post Office. "Greater Washington D.C. has proven to be a highly successful market for Kimpton, said Mike Depatie, President of Kimpton. "Our style of boutique hotels and level of personalized services is unparalleled in this region and the addition of another Hotel Monaco will further establish Kimpton's presence as a hospitality leader in this area."
The Hotel Monaco Alexandria will be Kimpton's first hotel to open in Virginia. Kimpton has previously announced plans to open the Hotel Palomar at Waterview in Arlington, Virginia, scheduled to open in 2008. Kimpton's Washington DC properties include the Hotel Monaco Washington DC, Hotel George, Topaz Hotel, Hotel Rouge, Hotel Madera, Hotel Helix, and the Hotel Palomar Washington DC, which is scheduled to open in late spring 2006.
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