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The Former Residence Inn by Marriott on
Hilton Head Island, South Carolina
Sold for for $14 million; Converts
to Condo Hotel and
Renamed Park
Lane Hotel & Suites
| By Jim Faber, The Island Packet, Hilton
Head Island, S.C.McClatchy-Tribune Business News
Dec. 12, 2006 - A Hilton Head Island hotel with a new name is
going to get a new look as well. The newly renamed Park Lane Hotel
& Suites will undergo $3 million in renovations starting in
January. The new owners and management want it to compete with the
island resorts. Triton Hospitality 323 LLC of Atlanta purchased the former
Residence Inn by Marriott at 12 Park Lane from Vista Host Investments
for $14 million last month, according to Beaufort County records. The
Triton partnership, which also owns the Beachwalk Hotel &
Condominiums off Pope Avenue, will operate the Park Lane Hotel &
Suites as a condominium hotel, said Sheila Baxley, of Stafford
Hospitality and general manager for the hotel. In a condominium-hotel, individual owners buy the rooms like
they would real estate, but those rooms are managed and leased out just
like at a hotel, with the owners and managers sharing the revenue. In
the case of Park Lane, suite owners can reserve their unit for three
reservations per year of up to seven nights, if they include a
lease-back option when buying, according to Triton documents. Stafford Hospitality manages both Triton hotels on the island.
The renovation will include all 156 suites at the hotel. Each
suite will have tile floors put in the kitchens and bathrooms, all new
appliances installed and flat-screen televisions set up, among other
improvements, Baxley said. "We want to position ourselves to compete
with the four-star hotels on the beaches," Baxley said. The Park Lane has its suites divided between two buildings. Only one building will be closed for construction at a time. The renovation should be completed by April, Baxley said. Already about half of the units have been sold, said Jay Jameson, development manager for Triton. The Park Lane isn't a full-service hotel because there is no restaurant, but it does serve breakfast and host a happy hour, Baxley said. The suites have kitchens. ----- Copyright (c) 2006, The Island Packet, Hilton Head Island, S.C. Distributed by McClatchy-Tribune Business News. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. NYSE:MAR, |