Kimpton Hotels & Restaurants has purchased The New York Life Building in Chicago’s Central Loop neighborhood with plans to convert into into a 281-room hotel. The 14-story building, which was originally constructed in 1894, was acquired through the company’s proprietary KHP III fund for an undisclosed price.
Kimpton plans to renovate and refurbish the landmark property, eyeing a Q1 2016 opening. The new hotel will have a destination restaurant and bar on the corner of South LaSalle and West Monroe Streets. The hotel will also have 9,500 square feet of retail space on the ground floor and more than 12,500 square feet of meeting and event space on the 14th and 15th floors.
Kimpton will be working with New York-based architect Gensler. Kimpton Hotels & Restaurants’ SVP of design, Ave Bradley, will be leading the design of the hotel with Los Angeles-based design firm Beleco.
When it opens, the hotel will be Kimpton’s fifth property in Chicago, joining the Hotel Burnham, Hotel Allegro, Hotel Monaco and Hotel Palomar. Since 1992, Kimpton has converted 13 historic buildings into hotels. Kimpton also has four additional historic conversions underway with planned openings within the next two years.
“Chicago has proven to be a consistently successful market for Kimpton, and this new hotel will give us an opportunity to leverage many operational synergies here with our other four hotels,” said Kimpton President and CEO Mike Depatie. “We are excited to expand our footprint in this great city, and bring Kimpton’s unique design and heartfelt approach to hospitality to this historic Chicago building.”