Cytron's group buys Ramada Inn in Fairview Heights
Fairview Heights, IL - St. Louis Business Journal
July 6, 2007 - An investment group led by St. Louis attorney Bradford Cytron plans to spend $750,000 to give the Ramada Inn in Fairview Heights, Ill., a facelift.
The renovations, already under way, come about two months after Cytron’s group, Fairview Hospitality LLC, acquired the Ramada for $4.4 million from Fairview Heights Hotel Partners LP, an entity controlled by St. Louis real estate developer O. Bruce Mills.
Cytron, a partner at Gallop Johnson & Neuman LP, said the 159-bed Ramada is a good investment because it’s located in a high traffic commercial area on Illinois 159, close to I-64. Other businesses near the hotel include a TGI Friday’s restaurant and the Funny Bone Comedy Club.
Mills said his group had owned the hotel for 14 years and decided to sell since hotels are not the group’s primary business. “We do residential. It was just time to sell and the market was strong. That was the only hotel that we owned.”
Cytron said his investment group has hired St. Louis-based Midas Hospitality to run the Ramada. It will be the first client for Midas, a management company founded earlier this year by David Robert. Other executives and shareholders of Midas are John Norville, the company’s chief financial officer, and Dan Marek, vice president of acquisitions.
Robert said the renovations at the Ramada will include renewing its exterior, landscaping and parking area. In the interior, the new owners plan to gut the hotel’s existing lobby and install a new one with porcelain floors, new wood millwork, furniture and carpeting. There are also plans to renovate the hotel ballrooms and guest rooms, he said.
“The Ramada hosts a number of wedding receptions and corporate meetings,” Robert said. “We believe the improvements and updated amenities will increase both of those segments.”
Fairview Heights, IL - St. Louis Business Journal
July 6, 2007 - An investment group led by St. Louis attorney Bradford Cytron plans to spend $750,000 to give the Ramada Inn in Fairview Heights, Ill., a facelift.
The renovations, already under way, come about two months after Cytron’s group, Fairview Hospitality LLC, acquired the Ramada for $4.4 million from Fairview Heights Hotel Partners LP, an entity controlled by St. Louis real estate developer O. Bruce Mills.
Cytron, a partner at Gallop Johnson & Neuman LP, said the 159-bed Ramada is a good investment because it’s located in a high traffic commercial area on Illinois 159, close to I-64. Other businesses near the hotel include a TGI Friday’s restaurant and the Funny Bone Comedy Club.
Mills said his group had owned the hotel for 14 years and decided to sell since hotels are not the group’s primary business. “We do residential. It was just time to sell and the market was strong. That was the only hotel that we owned.”
Cytron said his investment group has hired St. Louis-based Midas Hospitality to run the Ramada. It will be the first client for Midas, a management company founded earlier this year by David Robert. Other executives and shareholders of Midas are John Norville, the company’s chief financial officer, and Dan Marek, vice president of acquisitions.
Robert said the renovations at the Ramada will include renewing its exterior, landscaping and parking area. In the interior, the new owners plan to gut the hotel’s existing lobby and install a new one with porcelain floors, new wood millwork, furniture and carpeting. There are also plans to renovate the hotel ballrooms and guest rooms, he said.
“The Ramada hosts a number of wedding receptions and corporate meetings,” Robert said. “We believe the improvements and updated amenities will increase both of those segments.”
11469 Olive Blvd. #272
St. Louis, MO 63141
Phone: 866-945-7177
Fax: 636-724-1601
St. Louis, MO 63141
Phone: 866-945-7177
Fax: 636-724-1601
Midas News
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