Jul 1, 2017
Fresh from closing an eight-figure deal on the property, the new owners of one of the Gateway City’s most storied hotels appear to be opening the checkbook again for a major renovation of the nearly nine-decade-old facility.
According to reporting in the St. Louis Business Journal, the old Chase Park Plaza could see $10 to $15 million in work to revamp the 1.2 million-square foot complex which was recently rebranded under the Sonesta International Hotels Corporation. Sonesta, which runs almost 40 American hotels including one near Westport Plaza, is set to manage the Chase in the wake of its acquisition by Boston’s Hospitality Properties Trust which indicated that it closed on the $87.75 million arrangement at the beginning of June.
Dallas-based Behringer Harvard agreed to sell the 338-room hotel, which also contains a variety of shops, restaurants and other amenities, earlier this spring. Documentation from the city indicates that the Chase property appraises out at more than $23 million.
Calling the facility “iconic” chief operating officer John Murray told the Business Journal that the new ownership believes the Chase can be the nicest hotel in the area once the facelift, tentatively slated to get underway next year, is completed.
A longtime cultural hotspot in town, the Chase became famous for its wrestling TV program and its chic reputation as a center of elegant entertainment for big name visitors. The Chase is now listed as a “Historic Hotel of America” by the National Trust for Historic Preservation.