The new owners plan to renovate and reposition the upscale boutique hotel, which was built in 1963. The property "has excellent fundamentals for conversion to a chic, boutique hotel" of the type favored by the entertainment industry, says Arthur Buser, managing director for Jones Lang LaSalle Hotels, which brokered the deal.
John Strauss, SVP of Jones Lang LaSalle Hotels, adds that the 12th floor ballroom and extensive lobby space are ideal for conversion into food and beverage operations, which are one of the hallmarks of boutique hotels. He says that the conversion would offer an opportunity for the buyer to "generate additional cash flow beyond the historic operations at the property.
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