The new owners plan to renovate and reposition the upscaleboutique hotel, which was built in 1963. The property "hasexcellent fundamentals for conversion to a chic, boutique hotel" ofthe type favored by the entertainment industry, says Arthur Buser,managing director for Jones Lang LaSalle Hotels, which brokered thedeal.
John Strauss, SVP of Jones Lang LaSalle Hotels, adds that the12th floor ballroom and extensive lobby space are ideal forconversion into food and beverage operations, which are one of thehallmarks of boutique hotels. He says that the conversion wouldoffer an opportunity for the buyer to "generate additional cashflow beyond the historic operations at the property.
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