BOSTON HOTEL BUSINESS. has learned Intercontinental Real Estate Corp., an investment management firm, is set to do a second hotel project here with Destination Hotels & Resorts (DH&R).
Paul Palandjian, Intercontinental s president, said, We are currently planning to develop the historic Ames Building [at One Court St.]right around the corner from 90 Tremont St. where Intercontinental is constructing a 190-room boutique hotel, which will be managed by DH&R. That project, the Massachusetts developer s foray into hotels, is slated to open in May 2002. The Ames project is scheduled to open later that year in November.
Built in 1891, the 14-story building overlooks the Old South Meeting House where the Declaration of Independence was read to Boston and is sited at the junction of Court, Congress and State Streets.
One could even argue it s a better location, said Palandjian, but it s a different project. It s a beautifully ornamented building on the National Historic Register. We re going to convert it from office to roughly 130 hotel rooms. We plan to have it jointly managed by the executive management team that manages 90 Tremont St.
Palandjian said Intercontinental had had meaningful discussions with The Kimpton Group about the project, but we were unable to complete the transaction with them.
Palandjian, however, said his group found it had excellent chemistry with DH&R, and both groups were comfortable with each other.
The project is in permitting, although since it s located in an as-of-right zoning section, there ll be relatively light lifting from a permitting perspective, said Palandjian.
The executive said the Landmarks Commission would be involved in the adaptive reuse plans for the massive, ornate building, which incorporates a base of 12-foot-thick granite and ceiling heights of 14 feet.
The rooms that we create in there will have dramatically high ceiling, added Palandjian.
(4/23/01) Stefani C. O Connor