UPDATE: New Owners Plan $22M Upgrade, Rebranding Effort

ALEXANDRIA, VA-The former Holiday Inn Select-Old Town Alexandria is about to get a facelift. New owner Kimpton Hotels & Restaurants Group LLC says that the property will be submitted to a $22-million upgrade that will convert it into the Hotel Monaco, Alexandria. Kimpton joined forces with a fund advised by the New York City-based ING Clarion to purchase the 227-room lodging facility from Gadsby Lodging Associates LLC for $66 million in January .

Located in the center of historic Old Town Alexandria at 480 King St., the site was originally developed back in 1975. While ING Clarion vice president Marc C. DeLuca shared with GlobeSt.com in February that the hotel would undergo significant changes, it is news of the cost of the upgrades and particular specifics that has just emerged. Most notable among the changes will be an increase in the number of rooms by 14, bringing the total to 241. The 150,000-sf property will also feature a new restaurant, as well as a new ballroom. Additionally, Gensler has been tapped to serve as the architectural firm on the project.