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KHP Fund II Gets $46M Loan To Reposition Hotels

SAN FRANCISCO-PCCP LLC provides the senior loan to reposition Hotel Monaco Baltimore and Hotel Palomar San Diego.

By Carrie Rossenfeld | Updated on March 30, 2012

SAN FRANCISCO-KHP Fund II, a real estate private-equity fund sponsored by Kimpton Hotels & Restaurants, has received a $46-million senior loan from PCCP LLC to reposition two hotels: the 202-room Hotel Monaco Baltimore and the 183-room Hotel Palomar San Diego. The loan will allow Kimpton to more effectively market the Hotel Palomar San Diego to corporate groups and corporate guests as one of the premiere luxury boutique hotels in the market. It will also allow for more effective repositioning of Hotel Monaco Baltimore.

“Kimpton made two separate complicated acquisitions in distressed situations, and our loan will facilitate the turn-around of the two assets,” says Rob Cohen, SVP with PCCP. “Both hotels are among the highest quality in their respective markets but have under-performed in the last two years. The repositioning and turn-around of these assets is in line with Kimpton’s core competency, and we are confident they’ll be successful in those efforts.”

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