Marcus Hotels & Resorts has formed a joint venture (JV) with investment firm Searchlight Capital Partners to acquire Kimpton Hotel Monaco Pittsburgh.
The nine-story hotel is located in the historic James H. Reed building, which was redeveloped in 2015.
Kimpton Hotel Monaco Pittsburgh is situated nearby major sports venues including Heinz Field, PPG Paints Arena and PNC Park.
The property boasts 248 contemporary design rooms with local touches.
Guest amenities include more than 11,300ft2 advanced meeting and event space including two ballrooms, as well as rooftop and outdoor areas.
The hotel offers two dining options including its full-service restaurant, The Commoner, which serves a selection of local beers and craft spirits; and the rooftop Biergarten that serves European beer and German-influenced bar bites.
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Besides, the pet-friendly hotel provides morning coffee and tea, and bike rentals.
Following the acquisition, Marcus Hotels & Resorts will manage the hotel which will continue within the Kimpton brand.
Marcus Hotels & Resorts president Michael Evans said: “Marcus Hotels & Resorts is excited to grow its footprint into Pittsburgh and the state of Pennsylvania, and to add a Kimpton property to our growing portfolio of premium branded and independent lifestyle hotels.
“Kimpton Hotel Monaco Pittsburgh is a perfect fit with our overall growth strategy, and we are looking forward to welcoming the hotel associates to our Marcus family and working with the Kimpton brand to delight our guests and deliver continued operational excellence for this market leading hotel.”
Through the JV, the partners aim to co-invest in lifestyle hotels, resorts and high-quality full-service properties.
Terms of the joint venture are not disclosed.
Evans added: “As we seek more opportunities to co-invest in and manage leading properties across the nation, our partnership with Searchlight Capital Partners will allow us to strategically expand our co-owned portfolio of market leading resorts and hotels.”