The sale of the 223-room Embassy Suites hotel has been finalized and the new owners and managers plan a multimillion-dollar renovation of the hotel.
According to documents filed Wednesday with the East Baton Rouge Parish Clerk of Court’s Office, FelCor Lodging Trust sold the Constitution Avenue hotel to a group called ERGS III BR Hotel.
It has has the same Irving, Texas, address as Archon Group, a subsidiary of The Goldman Sachs Group, which specializes in real estate investments and the hospitality industry. Officials with Archon did not respond to a call for comments.
Aimbridge Hospitality, the nation’s second-largest independent hotel management firm, will serve as managers of the Embassy Suites.
An extensive renovation of the entire hotel will begin soon, said Claire Butterworth, an Aimbridge spokeswoman.
The project will involve renovating all of the rooms, public spaces and meeting rooms.
The cost of the renovations was not disclosed, but Butterworth said the value would be in the multimillion-dollar range.
The Embassy Suites will remain open while the renovations are underway.
The plan is to finish the work by August or September 2014, Butterworth said.
The renovations would substantially increase the value of the hotel, according to Dave Johnson, CEO of Aimbridge.
FelCor announced last month it would sell the Embassy Suites for $20 million.
The Embassy Suites has been open since 1985. It operated as an Embassy Suites until 1990, when a legal battle between Embassy Suites and one of its largest franchisees led the property to be rebranded as a Crown Sterling Suites.
FelCor bought the property in 1996 for $30 million as part of a $275 million purchase of nine other hotels.
The Embassy Suites includes more than 7,000 square feet of meeting and event space, the Zydeco Bar and Grill, an indoor pool, fitness center and a putting green.