May 25, 2017
The Chase Park Plaza will continue but its iconic name is set to fade into local history books.
After a $94-million springtime purchase by Hospitality Properties Trust, the hotel will now take on the Royal Sonesta label and be managed by Sonesta International Hotels Corporation. Both operations are based in Boston.
Constructed the same year as the Great Stock Market Crash, the Depression-era building was previously owned by Behringer Harvard. The sale, which does not include privately-owned condos, will transfer 338 hotel rooms, dozens of apartments and tens of thousands of square feet of meeting space along with a parking garage capable of housing 550 vehicles.
With an estimated value of more than $23 million, the facility brought in better than $34 million in revenue last year.
The 1.2-million square foot property took on its now-discarded moniker just after the close of World War II thanks to a union of the Chase Hotel with the neighboring Park Plaza. From the late 1950s to the early 1980s, it became very familiar to St. Louisans for its locally prominent program “Wrestling at the Chase” which aired on Channel 11 and played a role in the popularization of professional wrestling on the national level.
The hotel remains one of the area’s largest lodging establishments.