PHILADELPHIA-Kimpton Hotels & Restaurants recently acquired the historic Lafayette Building here, at Fifth and Chestnut streets, for $11.5 million, and the firm is planning a 270-room Monaco hotel for the site, according to the Philadelphia Inquirer. Kimpton president and CEO Niki Leondakis told the paper that the firm eyed the building for years.
This will be San Francisco-based Kimpton's second hotel in the city. It currently operates the 230-room Palomar, at 17th and Sansom streets. The firm purchased both buildings from the New York City-based Northern Group.
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