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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.

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Copyright (c) 2006, The Island Packet, Hilton Head Island, S.C.

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