New Owner For Embassy Suites In Oklahoma City

OKLAHOMA CITY, OK— GE Capital Realty Group, acting as the owner’s representative on behalf of JPMorgan Chase Bank— the trustee for the registered holders of Merrill Lynch Mortgage Investors Mortgage Pass-Through Certificates— has sold the 236-unit Embassy Suites here to a private, Texas-based investment company in a transaction valued at approximately $14.4 million. Insignia/ESG Hotel Partners was the owner’s exclusive representative in this sale, as Insignia/ESG’s Tom Ives, senior managing director in the brokerage firm’s Atlanta office, along with Richard George, Dipan Patel and Scott Stephens, oversaw the marketing and disposition of the asset. The Embassy Suites is located at 1815 South Meridian Ave., three miles north of Will Rogers Airport and the FAA Training Center. Meridian Avenue is one of the primary north – south thoroughfares in the area, connecting the airport to the south with Interstate 40 to the north. It was reported the purchasers of the six-story, interior-corridor, all-suite atrium hotel—built in 1980 and listed as one of the first Embassy Suites Hotels in the country— were able to acquire the property at less than 50% of replacement cost. Moreover, it was noted the buyer plans to spend several million dollars renovating/updating the property.