A Florida-based hospitality company has taken a majority stake in the Ramada Plaza in downtown Hartford and will spend $5 million on renovations, it was announced today.
Inner Circle Capital has invested $11.5 million in the 18-story, 350-room hotel and will take over day-to-day management of the hotel, according to David Perrin, a spokesman for Hunter Hotel Advisors, which structured the transaction.
Inner Circle Capital, an affiliate of Inner Circle US, couldn’t be reached for further comment this afternoon for details on the what renovations are planned. Hunter Hotel Advisors couldn’t comment.
The hotel was acquired in a foreclosure early in 2012 by a Los Angeles-based affiliate of family owned Magilink Group in South Korea. In January, an investor was sought for the property.
Perrin said Magilink still retains ownership in the hotel, but he declined to comment on the size of Magilink’s remaining stake in the property.