Renaissance Suites Hotel to be sold for $3.2 million
Pat Lowery, vice president of asset management with Maritz, said the group will turn the building into a Marriott Courtyard and hopes to have the hotel, located at 827 Washington Ave., open by early 2016.
Lowery said Maritz will invest roughly $15 million to renovate the building.
In November, the?Business Journal?learned that Maritz Wolff was looking at buying the hotel?and converting it to a Marriott Courtyard.
The deal is expected to close Feb. 14, according to a letter to bondholders. Maritz, Wolff & Co. made the purchase under the name Lennox Suites LLC.
Paul Ricotta, legal counsel for the bondholders, said the Maritz will be working with city and state officials to negotiate the redevelopment agreements.
Maritz will acquire the land, building and personal property of the Suites hotel. No bondholder trust accounts will be sold in the deal. Jones Lang LaSalle Americas brokered the sale.
The 24-story, 165-suite hotel was originally built in 1929 as the Lennox Hotel and is listed on the national historic register.
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