ST. LOUIS–Lennox Capital Partners has acquired The Westin St. Louis from Norwalk, Connecticut-based HEI Hotels & Resorts. As part of the transaction, Lennox Capital Partners separately executed on a ground sale and lease back. The firm also announced that the hotel will undergo renovations in 2019.
“We are thrilled to execute on our growth strategy and own the best performing hotel in the market,” said Lennox Capital Principal Jeff Barone. “We expect to achieve out-sized risk-adjusted returns with this investment.”
The 255-room hotel with 14,000 square feet of meeting space was redeveloped from the historic Cupples Station in 2001 and is considered one of the premier adaptive-reuse projects in America. The historic nature of the hotel lends itself to spacious guest rooms—with an average size of 600 square feet and 13 feet ceiling height—and expansive, inviting common areas.
Comprised of four, interconnected buildings characterized by ornate brickwork with arches and large loft-style room windows complemented by contemporary architecture, the property’s oldest architectural detail dates to 1895. A major $8 million renovation is planned for mid-2019 and will include guestrooms, meeting rooms, public areas, and the restaurant.
“With its proximity to Busch Stadium and the highly anticipated Phase II of Ballpark Village, we see this as a tremendous opportunity,” said Patrick Lowery. “It is particularly exciting for us to be able to reinvest in our hometown.”
Under the new ownership, HEI Hotels & Resorts will continue to manage the property.