The historic 1927 hotel, now a Days Inn, was earmarked to becomea boutique hotel with 80 luxury suites and three floors of condos.It was to reclaim its original name, The Carlton. The property hadbeen on the market for nearly a year for $7.5 million It was put upfor sale by Hodges Ward Elliott, which bought it in 1985. That firmhas been selling its properties in a move toward brokering.

|

A joint venture of Crow Hospitality Investment Group,Dallas-based Foresthills Hotels and Resorts and Larry Evans, apreservation architect of New Place Cos. of Brunswick, GA signed adeal this past August to buy the hotel. The group designed a $22million renovation to be completed by the middle of 2001.

|

Financing has been hard to come by. The partnership is stillnegotiating to buy the property even though the hotel isessentially back on the market.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.