KHP II acquired the Lafayette Building in Philadelphia in October 2010, with the intent to redevelop the historic Class B office building into a four-star Hotel Monaco. KHP II was able to acquire the building, which had been vacant for over three years, well below other offers when those buyers backed out and the seller was faced with a pending foreclosure. KHP II took advantage of several financing and other incentives to reduce development costs and enhance the project’s investment returns. Despite opening on the heels of the Great Recession, the Hotel Monaco ramped up quickly and continually exceeded expectations, ranking in the top three on TripAdvisor among 89 Philadelphia hotels.
|Acquisition Date:||October 2010|
|Disposition Date:||March 2018|