The downtown has become a vibrant office market, and residential units have followed.

The improved economy, coupled with the spike in new hotel development, means we are seeing more owners invest considerable amount of dollars toward renovation and upgrades, Atlas Hospitality's Alan Reay tells GlobeSt.com.

“The property's current occupancy of more than 97 percent combined with its access to retail and superior amenities made it a highly desirable investment for several public and private entities,” says HFF's José Cruz.