Reynolds Building To Be a Kimpton Hotel and Apartments

According to a story in the Triad Business Journal, Winston-Salem’s iconic Reynolds Building will be converted into a Kimpton Hotel and apartments. From the story:

A partnership between Kimpton Hotel & Restaurant Group LLC of San Francisco and PMC Property Group of Philadelphia intends to purchase the 314,000-square-foot Reynolds Building from ownerReynolds American Inc. (NYSE: RAI) and convert it into a boutique hotel and apartments, said Josh Ward, a director withCushman & Wakefield in Charlotte, which conducted an appraisal of the vacant Reynolds Building.

Ward corroborated several sources who spoke to the Triad Business Journal on the condition of anonymity about the redevelopment plans…

The Reynolds Building would be the first North Carolina property for San Francisco-based Kimpton Hotel & Restaurant Group Inc., which has 60 boutique hotel locationsand nearly 70 restaurants in 17 states including Virginia and Georgia. The building would also add to the East Coast presence of PMC Property Group, which specializes in converting historic and urban buildings into luxury apartments.

In 2012 Greensboro’s Quaintance-Weaver Restaurants and Hotels had seriously considered taking on the Reynolds Building, but decided to pass due to concerns about being able to generate adequate room rates to cover the project’s expense.

The addition of a Kimpton Hotel, one of the country’s premier boutique brands, to downtown Winston-Salem will help fill a significant gap in the city’s hospitality industry and the apartments will be entering the hottest sub-market in the Triad where vacancy rates are less than 3%.