St Louis Hilton hotel sold to an undisclosed buyer
St. Louis, MO/December 26, 2016 (STLRealEstate.News) St. Louisans woke up to a unforeseen headline this past week when the downtown St. Louis Hilton hotel was sold as part of a larger $119 million deal that also included three other hotel properties. The 195-room Hilton St. Louis Downtown was officially sold by a Florida-based real estate investment trust as part of their larger deal. The Florida real estate agency, Orlando-based Xenia Hotels & Resorts Inc., which refused to disclose the buyer at the time of the sale this past Friday, sold the hotel to MCR St. Louis LLC, reported city real state records as of this Monday.
MCR St. Louis LLC, a business entity tied to New York City-based MCR Development, is the seventh largest hotel owner-operator in the United States with a $2 billion portfolio of 80 premium-branded hotels. The deal was officially closed on December 2, and it has yet to be reported how much exactly the Hilton St. Louis alone was sold for.
Located at 400 Olive Street, the massive property has an appraised value of $6.89 million, reported St. Louis city records.
Along with the Hilton Downtown, other hotels were apart of the multi-struck deal. They include the 162-room Homewood Suites by Hilton Houston Near the Galleria, the 148-room Hampton Inn & Suites Denver Downtown, and the 178-room Hilton Garden Inn Chicago North Shore and Evanston.
Determined to get a piece of the St. Louis up-and-coming real estate and hospitality pie, the Hilton St. Louis Downtown is the first hotel for the MCR in the St. Louis area. Following the sale, Xenia officially exited the St. Louis market. MCR plans on making additional acquisitions in upcoming years, and reported that they are incredibly excited and motivate to make the best out of their newfound property.
The nearby 25-story Hilton St. Louis in the Ballpark is currently owned by Lodging Hospitality Management.
Contributing Editor: Alexandra R. Fasulo
Picture courtesy of Hilton Hotels & Resorts
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