After Hotel Project, Could KC Developer Have More in Store for St. Louis?

By on August 13, 2019

From St. Louis Business Journal:  Last month, the city of St. Louis issued a $300,000 permit for the Holiday Inn Express in the Central West End.

City records show a renovation is planned at the hotel, which last saw a revamp in 2014 under Garrison Investment Group before it sold the hotel to Kansas City developer Abbott Properties for $11.6 million.

Abbott Properties closed on the deal to acquire the hotel in early May 2018, marking the start of a yearlong, $21 million buying spree through the city, according to a Business Journal review of property records through real estate data firm Reonomy.

Abbott Properties founder and Principal Matt Abbott declined to comment on his company’s recent moves in St. Louis, including where plans stood on a $32 million redevelopment of five buildings on Locust Street in Downtown West.

But if the company’s work in Kansas City is any indication — what the Kansas City Business Journal called “purposeful repurposing” — Abbott could be embarking on a similar strategy of bring new life to distressed properties in St. Louis, work that would build upon the progress already being made by other developers in the city.

From May 2018 through June of this year, entities affiliated with Abbott Properties have spent roughly $21 million acquiring 29 properties across Downtown West, Midtown and the Central West End, data from Reonomy shows.

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