Lamplight Plans Distressed Hotel Conversion

14.05.10

FORT WAYNE, IN-Toronto, OH-based Lamplight Communities has purchased the 14-story Fort Wayne Hotel and Conference Center here. The company reportedly plans to spend about $4 million on the acquisition and cost to convert the former 208-room Holiday Inn into a senior housing complex.

Paramount Lodging Advisors arranged the sale of the property at 300 E. Washington, representing the owner, BRT Realty Trust. The trust is a New York-based lender that foreclosed on the property in 2009 following the owner’s loan default.

The hotel had a significant presence in downtown Fort Wayne for over 40 years. Originally flagged as a Sheraton, the hotel operated as a Holiday Inn for many years until it was sold in 2007. New ownership made some improvements to the property between 2007 and 2008, but the renovations were not fully completed and as a result, the owner was unsuccessful in converting the hotel to Choice Hotels’ Clarion brand. The hotel’s operating performance was seriously

Source: GlobeSt.com

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