Inland Buys Three Hotels for $189 Million

OAK BROOK, IL—The Inland American Lodging Group has been on a hotel purchasing spree this year, and has just acquired three more, bringing their overall total this year to thirteen. The wholly owned subsidiary of Inland American Real Estate Trust, Inc., spent $189 million to pick up the Hotel Monaco Chicago, the Hotel Monaco Denver and the Hotel Monaco Salt Lake City, totaling 605 rooms. The properties form part of Kimpton Hotels & Restaurants’ Hotel Monaco brand, a collection of historic buildings converted into boutique hotels.

“These hotels are well positioned to experience strong growth from the affiliation with Kimpton’s well-established Hotel Monaco flag and their exceptional locations and quality levels,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. “Being located in premier urban locations with multiple demand generators, these hotels are poised to provide superior yields and maintain market leadership.”