General Hotels Acquires 150-Key Marriott Property in Columbus for $14M; Zeller Buys Indianapolis Office Tower Out of Foreclosure
- Oct 17, 2014
by Adriana Pop, Associate Editor
In a $14 million deal, an affiliate of Indianapolis-based General Hotels Corp. bought the Courtyard by Marriott at 2901 Airport Drive in Columbus from California-based MLQ MB Hotels 2011 LLC.
According to the Columbus Business First, the company financed its purchase through a $22 million mortgage from GE Capital Bank, with plans to invest the remaining $8 million into the property’s refurbishment.
The acquisition marks the second recent hotel investment for General Hotels. The company is also building a 67-room Best Western Hotel & Suites in French Lick, Ind.
“The Midwest is an area where we are working to increase our presence,” General Hotels CEO Jim Dora Jr. said in a statement. “Given its location and position in the Columbus marketplace, the Courtyard Airport Columbus promises to be a nice addition to our hotel portfolio.”
Amenities at the Courtyard by Marriott Columbus Airport Hotel include an indoor swimming pool, fitness center, business center and a restaurant.
In other news, the Indianapolis Business Journal reports that Chicago-based Zeller Realty Group has acquired the Market Tower in downtown Indianapolis out of foreclosure. Terms of the transaction were not disclosed.
In May, a Marion Superior Court judge ordered the owner, an affiliate of local developer HDG Mansur, to sell the property after defaulting on its loans, which total about $60 million.
Built in 1988, the 30-story tower is 66 percent occupied. Its tenants include Bingham Greenebaum Doll LLP, Harrison & Moberly LLP and the U.S. Attorney’s Office.
The acquisition now brings Zeller’s national portfolio to more than 8.6 million square feet. In Indianapolis, the company has owned and operated more than 3.1 million square feet of office property since 1999.
Last December, Zeller acquired the city’s historic seven-story Century Building at 36 S. Pennsylvania St. out of receivership for a reported $6 million. California-based Blue Real Estate defaulted on the property’s loan, which had a balance of $8.4 million.
Photo credits: www.marriott.com
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