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PORTSMOUTH, VA-Ownership of the Holiday Inn Olde Towne Portsmouth has changed hands in a recent $6.7 million deal. The Greater Portsmouth Development Corp.–a non-profit firm operating under the direction of the city manager, the Portsmouth Redevelopment and Housing Authority and private economic development group the Portsmouth Partnership–acquired the 219-room hotel property from Portsmouth Hotel Associates LP. According to city records, the property has a current assessed value of $6.5 million.

Located at 8 Crawford Parkway along the Elizabeth River, the four-story, 157,000-sf hotel sits on a 3.6-acre parcel and features 8,000 sf of banquet and meeting space, a business center, and a fitness facility. The new owners are obliged to run the property as a Holiday Inn for the next four years, but the Downtown locale’s fate beyond that point could involve redevelopment.

The new owners are toying with the idea of eventually demolishing the building and replacing it with, perhaps, a new boutique hotel establishment. Until that time comes, however, the Greater Portsmouth Development Corp. says it will be business as usual at the hotel, and that renovations initiated by the previous owner will continue.

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