ST. LOUIS, MO/May 16, 2017 (STLRealEstate.News) The Chase Park Plaza in St. Louis is getting a new “branding,” the St. Louis Business Journal reported this week. Soon, the plaza will be re-branded under the Royal Sonesta hotel name, according to a federal filing by it’s soon-to-be new owner, Hospitality Properties Trust (HPT), a Boston-area based real estate investment company and trust. COO of HPT, Mr. Murray, stated that the Chase Park Plaza would retain its name, which has come to be equivocated with timeless in St. Louis today.
“It’s all subject to change,” said Murray. “There will be collateral material with the Sonesta name on it, like menus, brochures, and other signage.” Murray went on to state that he believes the notable transaction is expected to close sometime in the second quarter. During the transition, HPT will contract out management of the hotel to Sonesta International Hotels Corp, which is also another Boston-based entity that operates nearly 40 hotels nationwide, including the St. Louis Sonesta ES Suites, located near Westport Plaza.
Back in March, Behringer Harvard, through the Opportunity REIT I fund, agreed to sell the property for $94 million. Presently, the privately owned condos at the Chase are not being included in the big sale. HPT plans to use their cash on hand and other borrowings under its $1 billion revolving credit facility to make the notable acquisition. Behringer Harvard did not respond to questions about if the deal was officially closed at this time or not.
The deal includes 338 hotel rooms, more than 50 executive apartments, 53,000 square feet of meeting space, and a 550-space parking garage. The deal is officially part of a liquidation plan in which Behringer Harvard’s Opportunity REIT I fund is selling all of the aforementioned assets.
The historic Chase complex was built back in 1929, and is 1.2 million square feet in size.