Lodging Hospitality Management Chairman Bob O?Loughlin
Lodging Hospitality Management, led by Chairman Bob O?Loughlin, plans to close on its purchase of Union Station by early October, including the 539-room Marriott hotel.
The hotel will be rebranded as St. Louis Union Station Hotel. The Marriott flag will be retired Oct. 11, and the hotel will operate as a boutique under the DoubleTree by Hilton brand.
Hotel employees are calling customers including the Business Journal and notifying them of the change.
LHM has strong ties to DoubleTree and Hilton. Its hotels include the Hilton St. Louis at the Ballpark, DoubleTree St. Louis at Westport, Doubletree Hotel & Conference Center in Chesterfield, Hilton Garden Inn Chesterfield and four others with the brand.
LHM?s purchase and revitalization of Union Station would cost an estimated $50 million, encompassing not only the hotel, but also the train shed and parking lot, according to a St. Louis Development Corp. (SLDC) resolution.
In June, SLDC approved $5 million in New Markets Tax Credits to go toward LHM?s planned redevelopment.
Union Station has been losing more than $1 million per year due to a large amount of vacant retail space, where sales have been falling since 2008, according to SLDC?s resolution.
The 35-acre complex was put up for sale last year. The broker on the property is CBRE Group.
LHM recently purchased Westport Plaza for $33 million from Boston-based Intercontinental Real Estate Corp. LHM, which has its corporate headquarters at Westport, acquired the office, retail and conference components at the mixed-use development. It already owned the center?s two hotels, the Sheraton Westport Hotel Plaza and Sheraton Westport Lakeside Chalet. The deal closed June 28.
Lodging Hospitality Management Inc., which was 91st on the St. Louis Business Journal?s list of the Top 150 Privately Held companies ranked by 2011 revenue, reported revenue of $175 million last year, up 40 percent from 2010.
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