A spokesperson tells GlobeSt.com that the Irish hotel group opted to pursue other investments rather than convert the former office building. The firm acquired the site in 2004 for $20 million.
The firm planned to spend about $15 million renovating 1892 Court St. and open it as a four-star hotel next year. It was unclear how much O'Callaghan will ask for the property or whether a broker has been selected to market the building, the spokesperson says.
The building was acquired in 1998 by the Intercontinental Real Estate Corp., which developed the Nine Zero. The firm was in the process of turning the property into a hotel when it was sold to O'Callaghan.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.