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PHILADELPHIA — San Francisco-based Kimpton Hotels & Restaurants has acquired Philadelphia's Lafayette Building and plans to convert it into a four-star hotel. Constructed in 1906, the Lafayette Building is located across from Independence Hall. Once groundbreaking occurs in spring 2011, its 11 stories will be converted into a Hotel Monaco that will feature 271 rooms, a chef-driven restaurant and bar, and 12,000 square feet of meeting space that will include a 3,200-square-foot ballroom. The opening is slated for the third quarter of 2012. Kimpton made the purchase on behalf of its Kimpton Hospitaliy Partners II equity fund, which also ownes the nearby Hotel Palomar that opened last October.