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Photo credit: Courtesy of CoStar
In another sign of the ongoing market correction in the hotel sector, one of downtown's more notable boutique hotels is changing hands, but at a far lower price than it would have commanded one or two years ago.
Clarion Partners put the Allegro on the market in July, valued at $109M. Hospitality Properties Trust agreed to buy Hotel Allegro for $87M. Clarion paid $70M for the property in 2007 and spent another $20M to renovate the 483-room hotel, according to Crain's.
Waterton hospitality CIO Nir Liebling told Bisnow in August the market for boutique hotels has softened, as major hoteliers have entered the boutique market with brands like Curio, Autograph and Canopy Cambria leading the charge. Nir will be at our hospitality boom event Dec. 6.
