Savery Hotel owners buy Liberty Building
BPC Staff Oct 13, 2016 | 8:13 pm
1 min read time
270 wordsAll Latest News, Real Estate and Development
Schulte Hospitality Group Inc. of Louisville, Ky., has paid $11.5 million for the historic Liberty Building at 418 Sixth Ave. in Des Moines and a parking garage that was built as part of the renovation of the structure.
According to property records filed today, Schulte Hospitality Group paid $10 million for the 93-year-old building and $1.5 million for six-story parking ramp at the southeast corner Sixth and Grand avenues that was completed in 2006. The transaction also involved personal property valued at $800,000.
In 2013, Schulte Hospitality teamed with Starwood Capital Group to buy the Renaissance Hotel Savery at 401 Locust St. for $7.4 million and launched a multimillion-dollar renovation.
A group of prominent Des Moines developers and investors launched the renovation of the 12-story Liberty Building in 2005, including the conversion of several floors to what became the first Hyatt Place hotel in Iowa. Des Moines businessman B.J. Baker was part of that original team and is currently the majority owner of the building.
The Hyatt Place takes up part of the basement, first floor and all of floors four through eight as part of a $15 million renovation, according to a city of Des Moines staff report. Nelson Construction & Development was the general contractor and remained an investor when the property was sold to Schulte Hospitality.
Sixteen condominium units on floors nine through 11 are under individual ownership, according to Polk County assessor’s records. Schulte Hospitality also bought an office condominium on the top floor.
According to its website, Schulte Hospitality Group specializes in hotel management. Baker and a Schulte representative could not be reached for comment.
Trending News
