The contracted price was not disclosed but the asking price is $7.5 million or $53,571 per room. The deal will close in October. The new asset will be called The Carlton, its original 1927 name.
The new owners plan to sink $22 million into a renovation that includes converting the hotel's 140 rooms into 90 large suites. Rooms will go for $250 per day and up. The top three floors will become condos from 1200 sf to 3000 sf. The renovation is expected to be completed in June 2001
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