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Architect's Building Gets $50M for Redo

PHILADELPHIA-The office building will become 230-room luxury boutique hotel in Center City neighborhood.

By Casey Freeman | Updated on May 22, 2008

PHILADELPHIA-Kimpton Hotels & Restaurants, the owners of the Architect’s Building in Center City received $50 million in debt financing from Wachovia Bank to redevelop an office building into a boutique hotel. The project is called Hotel Palomarand is scheduled to open in late 2009. Cushman & Wakefield Sonnenblick Goldman of San Francisco arranged the loan for Kimpton.

“The Philadelphia market is really strong but doesn’t really have any true boutique hotels at this time,” Holden Lim, senior director at Cushman & Wakefield Sonnenblick Goldman, tells GlobeSt.com. “So it makes sense for them to look at that market. Their goal is to expand their geographic reach to places they aren’t in.”

Kimpton has a history of transforming buildings into one-of-a-kind hotels. The VU Hotel used to an old printing factory on the Far West Side of Manhattan and the Hotel Monaco in Baltimore formerly was the headquarters for the Baltimore and Ohio Railroad in the 1900s. The Architect’s Building was completed in 1929 to serve as the headquarters for the local chapter of the American Institute of Architects.

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