Unfinished Four Points Hotel to be Redesigned as Extended-Stay Hotel
- Nov 21, 2013
By Anca Gagiuc, Associate Editor
2007 was a great year for investments. The economy was flourishing and so were those who had a little money to invest, business initiative and the willingness to take measured risks. Nothing seemed to go wrong. Or so they thought.
Chandrakant Patel was breaking ground on a 121-room hotel located at 1660 University Blvd. NE. Close to the finalization of the project, in May 2009, the recession dug a little deeper and his lender, Specialty Finance Group, failed. The project was foreclosed, and the Federal Deposit Insurance Corp. took over.
Ever since, the building has sat idle, 85 percent built. Albuquerque Business First reports that a group of investors have decided to bring it back to life. Its prominent location, near the Big I Interchange, made this investment attractive to Allen Sigmon Real Estate Group and to Prakash Sundaram, senior vice president of Total Management Systems, a company specializing in hotel consultancy and development. Century Bank was the financier of the acquisition for an undisclosed sum.
The original concept was to create a Four Points hotel by Sheraton, but the new owners have something else planned. The six-story, 103,000-square-foot hotel with a lobby of 7,000 square feet will become an extended-stay facility, and the rooms will be renovated to become a “business class” product. “We’re excited. This is an eyesore at the highest-traffic intersection in New Mexico,” Sigmon stated. “We want to take this eyesore, spend money and create local jobs.”
Photo courtesy of Flickr.