Wednesday, September 10, 2008

Third Kimpton Hotel En Route To Philadelphia, To Anchor Mixed-Use Boyd Theater Redevelopment Project

Nice to see ARCWheeler showing some balls…
ARCWheeler, a Philadelphia real estate investor and developer, has announced that they intend to purchase the Boyd Theatre from Live Nation.

The project will entail a historic rehabilitation of the theatre, development of a 250-room Kimpton Monaco Hotel, and development of two restaurants located on different levels of the building. ARCWheeler plans to enter into a booking agreement with Live Nation to provide live entertainment at the famed theatre.
Fo. Sheezy.
The key component is a 250-room, 30-story hotel, which would be built on the surface lot to the west of the Boyd and operate under Kimpton's Monaco flag. While the Monaco Hotel would offer only a fraction of the Borgata's room capacity, Wheeler said it would give him the ability to market the Boyd as a deluxe performance venue, especially to tourists and conventioneers.
[…]
Wheeler said he realized that the parking lot would be better used for a hotel that would complement the theater. The hotel makes it an attractive venue for weddings, bar mitzvahs and corporate events. It could also serve as a base for an enlarged Philadelphia film festival.
For those keeping score at home, that makes three Kimpton hotels announced for Philadelphia in less than a year. Work on the first, Kimpton’s Hotel Palomar Philadelphia at 17th and Sansom, is progressing nicely. It’s set to open in 09. Preliminary work is being done on a second Philly Kimpton, which will occupy the Robert Morris Building at 17th and Arch. That could open in 09 as well. And this just announced Hotel Monaco Philadelphia being the third.

So, contrary to what you may have heard, it would appear that Kimpton feels Philadelphia’s hotel market is still plenty ripe for the right kind of property. As they should. Upon opening, occupancy rates at these new, boutique-like hotel properties are going to be comfortably above 90%.

Just watch.

Related:
Boyd Theater developer envisions entertainment complex [ Philadelphia Inquirer ]
High hopes for grand old Boyd [ Philadelphia Inquirer ]
ARCWheeler Announces Plans to Purchase Iconic Boyd Theatre from Live Nation
[ Business Wire ]

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