{"id":1004105791,"date":"2014-10-17T14:32:46","date_gmt":"2014-10-17T22:32:46","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=299964"},"modified":"2020-04-15T02:59:31","modified_gmt":"2020-04-15T10:59:31","slug":"general-hotels-acquires-150-key-marriott-property-in-columbus-for-14m-zeller-buys-indianapolis-office-tower-out-of-foreclosure","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/general-hotels-acquires-150-key-marriott-property-in-columbus-for-14m-zeller-buys-indianapolis-office-tower-out-of-foreclosure\/","title":{"rendered":"General Hotels Acquires 150-Key Marriott Property in Columbus for $14M; Zeller Buys Indianapolis Office Tower Out of Foreclosure"},"content":{"rendered":"<p><em>by Adriana Pop, Associate Editor <\/em><\/p>\n<div id=\"attachment_299966\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Courtyard-By-Marriott-Columbus-Airport-Hotel1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-299966\" title=\"Courtyard By Marriott Columbus Airport Hotel\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Courtyard-By-Marriott-Columbus-Airport-Hotel1.jpg\" alt=\"\" width=\"300\" height=\"218\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Courtyard By Marriott Columbus Airport Hotel<\/p>\n<\/div>\n<p>In a $14 million deal, an affiliate of Indianapolis-based General Hotels Corp. bought the Courtyard by Marriott at 2901 Airport Drive in Columbus from California-based MLQ MB Hotels 2011 LLC.<\/p>\n<p>According to the <em><a href=\"https:\/\/www.bizjournals.com\/\" target=\"_blank\" rel=\"nofollow\" columbus\/blog\/2014\/10\/courtyard-by-marriott-near-port-columbus-sold-for.html\" >Columbus Business First<\/a><\/em>, the company financed its purchase through a $22 million mortgage from GE Capital Bank, with plans to invest the remaining $8 million into the property\u2019s refurbishment.<\/p>\n<p>The acquisition marks the second recent hotel investment for General Hotels. The company is also building a 67-room Best Western Hotel &amp; Suites in French Lick, Ind.<\/p>\n<p>&#8220;The Midwest is an area where we are working to increase our presence,\u201d General Hotels CEO Jim Dora Jr. said in a statement. \u201cGiven its location and position in the Columbus marketplace, the Courtyard Airport Columbus promises to be a nice addition to our hotel portfolio.\u201d<\/p>\n<p>Amenities at the Courtyard by Marriott Columbus Airport Hotel include an indoor swimming pool, fitness center, business center and a restaurant.<\/p>\n<p>In other news, the <em><a href=\"https:\/\/www.ibj.com\/\" target=\"_blank\" rel=\"nofollow\" zeller-realty-buys-downtowns-market-tower-out-of-foreclosure\/PARAMS\/article\/49996\">Indianapolis Business Journal<\/a><\/em> reports that Chicago-based Zeller Realty Group has acquired the Market Tower in downtown Indianapolis out of foreclosure. \u00a0Terms of the transaction were not disclosed.<\/p>\n<p>In May, a Marion Superior Court judge ordered the owner, an affiliate of local developer HDG Mansur, to sell the property after defaulting on its loans, which total about $60 million.<\/p>\n<p>Built in 1988, the 30-story tower is 66 percent occupied. Its tenants include Bingham Greenebaum Doll LLP, Harrison &amp; Moberly LLP and the U.S. Attorney\u2019s Office.<\/p>\n<p>The acquisition now brings Zeller\u2019s national portfolio to more than 8.6 million square feet. In Indianapolis, the company has owned and operated more than 3.1 million square feet of office property since 1999.<\/p>\n<p>Last December, Zeller acquired the city\u2019s historic seven-story Century Building at 36 S. Pennsylvania St. out of receivership <em><a href=\"https:\/\/www.ibj.com\/\" target=\"_blank\" rel=\"nofollow\" two-downtown-buildings-have-new-owners\/PARAMS\/article\/45252\">for a reported $6 million<\/a><\/em>. California-based Blue Real Estate defaulted on the property\u2019s loan, which had a balance of $8.4 million.<\/p>\n<p><em>Photo credits: www.marriott.com<\/em><\/p>\n<p><strong><a title=\"MARKET SNAPSHOT: Apartment Boom Underway in Indianapolis, Vacancy on the Rise\" href=\"https:\/\/www.multihousingnews.com\/\" target=\"_blank\" rel=\"nofollow\" market-data\/market-snapshot-apartment-boom-underway-in-indianapolis-vacancy-on-the-rise\/1004098967.html\">Click here<\/a><\/strong> to read our most recent multi-family market snapshot for <strong>Indianapolis<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $14 million deal, an affiliate of Indianapolis-based General Hotels Corp. bought the Courtyard by Marriott at 2901 Airport Drive in Columbus from California-based MLQ MB Hotels 2011 LLC.<\/p>\n","protected":false},"author":260,"featured_media":1004507145,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21742],"tags":[],"class_list":["post-1004105791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>General Hotels Acquires 150-Key Marriott Property in Columbus for $14M; Zeller Buys Indianapolis Office Tower Out of Foreclosure - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/general-hotels-acquires-150-key-marriott-property-in-columbus-for-14m-zeller-buys-indianapolis-office-tower-out-of-foreclosure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Hotels Acquires 150-Key Marriott Property in Columbus for $14M; Zeller Buys Indianapolis Office Tower Out of Foreclosure\" \/>\n<meta property=\"og:description\" content=\"In a $14 million deal, an affiliate of Indianapolis-based General Hotels Corp. bought the Courtyard by Marriott at 2901 Airport Drive in Columbus from California-based MLQ MB Hotels 2011 LLC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/general-hotels-acquires-150-key-marriott-property-in-columbus-for-14m-zeller-buys-indianapolis-office-tower-out-of-foreclosure\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-17T22:32:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T10:59:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Courtyard-By-Marriott-Columbus-Airport-Hotel1.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/general-hotels-acquires-150-key-marriott-property-in-columbus-for-14m-zeller-buys-indianapolis-office-tower-out-of-foreclosure\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/general-hotels-acquires-150-key-marriott-property-in-columbus-for-14m-zeller-buys-indianapolis-office-tower-out-of-foreclosure\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"General Hotels Acquires 150-Key Marriott Property in Columbus for $14M; 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