SAN FRANCISCO (Sept. 11, 2013) - Kimpton Hotels & Restaurants announced today it will expand into Pittsburgh, Pennsylvania with the conversion of an historic, Beaux Arts-style building into a new Hotel Monaco.
An adaptive reuse of the city's iconic James H. Reed Building, originally built in 1903, the new Hotel Monaco Pittsburgh will feature 247 rooms, nearly 9,000 square feet of meeting and event space and a chef-driven, 120-seat restaurant with a prominent corner entrance. Slated for a late 2014 opening, the nine story property is located at the intersection of 6th Avenue and William Penn Way, across from prestigious Mellon Square and in the heart of the city's bustling Golden Triangle area. The new hotel's interiors will reflect a locally inspired and distinctive take on the vibrant and whimsical Hotel Monaco style.
"We've had great success throughout the Northeast and in Pennsylvania, and Pittsburgh is a logical choice for expansion, especially given the relative lack of boutique style properties and high demand for that here," said Kimpton Chief Executive Officer Mike Depatie. "Also, as the 22nd largest city in the country with many Fortune 500 companies, universities and a thriving technology sector, Pittsburgh deserves a great boutique hotel. We think visitors and locals will appreciate the warm and playful approach to hospitality Kimpton brings to the market."
A joint venture with Philadelphia developer PMC Property Group, Kimpton's KHP Fund III owns a 50 percent stake in the new hotel, making it the company's third owned and operated property in Pennsylvania, joining the Hotel Monaco Philadelphia and Hotel Palomar Philadelphia.
"We are thrilled to partner with Kimpton on this project, given their experience and proven track record with adaptive reuse projects, and we are impressed with the quality and professionalism of the Kimpton team," said PMC Property Group President Ron Caplan. "We have also developed many historic conversion properties over the years, so it seemed like a natural partnership to work with Kimpton on this unique hotel."
For Kimpton, Pittsburgh represents the brand's continued expansion beyond the core urban hubs of New York, San Francisco, Washington, DC and Chicago. For example, within the past year alone, Kimpton has also added or announced plans for hotels in such cities as Milwaukee, Cleveland, Austin and San Antonio. In addition, the new Pittsburgh hotel strengthens the company's already robust portfolio in the Northeast and Mid-Atlantic region, joining 22 existing hotels in Washington, DC, Boston, New York, Virginia and Philadelphia.
About Kimpton Hotels & Restaurants
San Francisco-based Kimpton Hotels & Restaurants is the leading collection of boutique hotels and restaurants in the United States and the acknowledged industry pioneer that first introduced the boutique hotel concept to America. In 1981, Bill Kimpton founded the company that today is renowned for making travelers feel genuinely cared for while away from home through thoughtful perks and amenities, distinctive design that tells a story and inspires a sense of funat each hotel and a sincerely personal style of guest service. Out to help people live full, balanced lives, Kimpton aims to inspire with touches like yoga mats in every room, complimentary coffee and tea to start the day, hosted evening Wine Hour, in-room fitness programming and complimentary bike rentals. The award-winning restaurants and bars are led by talented chefs and bartenders that offer guests a chance to dine like a local. Kimpton also leads the hospitality industry in eco-friendly practices that span all hotels and restaurants, and is consistently ranked as one of the top companies in the Market Metrix Hospitality Index, Upper Upscale Segment, for Customer Satisfaction. The company is highly-regarded for its innovative employee culture and benefits and has been named a Fortune magazine "Best Place to Work" four times since 2009. Kimpton is continuously growing and currently operates 60 hotels and nearly 70 restaurants, bars and lounges in 26 cities. For more information, visit www.KimptonHotels.com and www.KimptonRestaurants.com.
About PMC Property Group
Philadelphia-based PMC Property Group is a vertically integrated real estate development company, focusing on the renovation and adaptive reuse of urban commercial buildings into modern residential apartments and commercial uses.
PMC acquires, plans, finances, develops, manages and leases its own projects. Founded in Philadelphia in 1981 with 3 employees and 100 residential units, PMC is now located in 12 cities across seven states, including Hartford, New Haven, Baltimore, Richmond, Columbia, Miami, Pittsburgh and Philadelphia. The Company's portfolio includes over 6,500 residential apartments, 1,000,000 square feet of office space, 150,000 square feet of industrial space and 100,000 square feet of retail space. For more information, visit Corporate.PMCPropertyGroup.com.