Kimpton Acquires Nine Zero
BOSTON, MA, April 25, 2006. Kimpton Hotels & Restaurants Group, LLC has finalized its purchase of Nine Zero Hotel here. This acquisition was made by the Kimpton Hospitality Partners Limited Partnership, an acquisition fund formed and managed by Kimpton in 2005 to acquire, develop and redevelop hotel properties.
The purchase price for the 189-room Nine Zero was reportedly $71 million. The hotel is Kimpton's third property in the greater Boston area. The company also operates the Hotel Onyx in the historic Bullfinch Triangle and Hotel Marlowe, which overlooks Boston on the Charles River in Cambridge.
In commenting on the acquisition, Mike Depatie, president of Kimpton Hotels & Restaurants, said his firm sees "a great deal of growth potential in Boston and the Northeast." He added that "Nine Zero Hotel is the ideal property to increase Kimpton's presence in this market."
Nine Zero Hotel is the Kimpton KHP Fund's third hotel acquisition and follows the purchase of the Caleo Resort & Spa in Scottsdale, AZ and the former Radisson Hotel in Washington D.C., which is being redeveloped into the Hotel Palomar.
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