Apr 7, 2017
A classic fixture looming above the fashionable shops and eateries of the Central West End appears to be on its way to new owners.
The St. Louis Post-Dispatch reports that the Texas real estate investors who have held title to the beloved Chase Park Plaza since 2006 have sold it to the Hospitality Properties Trust, a Boston enterprise set to fork over $94 million to acquire the massive complex of condo units, apartments, bars, restaurants and even a movie theater.
The paper indicated that the fashionable venue, known to many St. Louisans simply as “The Chase,” has been a moneymaker raking in more than $34 million last year. The facility is primarily a hotel and many of its apartments were eliminated in a facelift a few years back to add nearly 90 new rooms however, it has retained a significant stock of corporate apartments and condominiums. The most recent of the latter units to sell went for two-and-a-half million dollars last year.
Long a high-profile showcase for the some of the Gateway City’s elite and a host for upscale cultural events, parts of the complex date as far back as the 1920s though all the various components weren’t tied together until 1961. An entertainment hotspot, The Chase saw gigs from such names as Frank Sinatra and Bob Hope and even housed U.S. Presidents. It also became prominent to many average St. Louisans for the long-running “Wrestling at the Chase,” which played a key role in the development of professional wrestling’s relationship with television.
Plagued by various troubles in the waning days of the 20th Century, the complex found rebirth and stability with the dawn of the millennium as one of the area’s more stylish locales. It is now listed on the National Trust for Historic Preservation’s Historic Hotels of America.