OKLAHOMA CITY – The recent purchase of the Tower Hotel on
Northwest Expressway is a win-win for Oklahoma City, giving new life to a city
landmark and bringing Oklahoma City a new Embassy Suites hotel.
HotelBrokerOne, along with NAI Global, brokered the
deal. A local ownership group led by Champ Patel plans to convert the
354-room Tower Hotel, formerly a full-service Marriott until 2013, into a
215-room Embassy Suites within the next year.
Plans include not only converting the property to a two-room
suite layout, but also constructing an additional 95-room limited service
property adjacent to the hotel in a space that is now parking — an area that
will no longer be needed due to the reduced room count.
HotelBrokerOne Vice President Ted Holmes said he was excited
about the sale and the new future for the building.
“The purchase of the property was done in a very creative
manner to both maximize the value and preserve one of the best known hotels and
landmarks in Oklahoma,” he said. “The upgrades of the hotel and convention
space will be a significant benefit for the Oklahoma City area and will ensure
the continuing success of one of the cities most famed hotels.”
During the work and upgrades, the hotel and convention space
will continue to operate normally.
HotelBrokerOne is a national hotel brokerage firm that has
sold over 600 hotels since inception. For more information go to www.hotelbrokerone.com.