|By Edward L. Gunts, The Baltimore
SunMcClatchy-Tribune Regional News
June 08, 2011--Kimpton Hotels & Restaurants, the management company for the 202-room Hotel Monaco Baltimore and B&O American Brasserie -- which both have been tenants of the historic B&O Building since 2009 -- has followed through on its previously announced plan to buy the portion of the structure occupied by the hotel and restaurant. The agreed-upon price was approximately $33 million.
San Francisco-based Kimpton said Wednesday that the buyer was Kimpton Hospitality Partners II, Kimpton's proprietary private equity fund. The Baltimore hotel is the fourth investment for Kimpton's KHP II Fund, following two properties in Philadelphia and one in Chicago.
The previous owner of the building at Charles and Baltimore streets, Baltimore and Charles Associates, spent about $65 million to buy and renovate it from 2007 to 2009. The sale to Kimpton was approved by U.S. Bankruptcy Court Judge Robert Gordon after Baltimore and Charles Associates filed for bankruptcy court protection.
Additional office and retail space in the 13-story landmark was acquired by a separate buyer, an affiliate of Kenwood Management Co. of Bethesda, for about $1.3 million.
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