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A New York real estate investor who is converting a former hotel in Manchester into apartments has bought the property for $7.45 million, land records show.
A limited liability company Par Spencer LLC operated by David Parisier in late November purchased the Hawthorn Suites by Wyndham hotel at 191 Spencer St.
Parisier is the founder and managing director of Paredim Partners, a real estate investment firm that received town approval in September to begin converting the hotel into apartments. ....
The pandemic has significantly slowed business travel, which has battered the hospitality industry, especially hotels.
And with business travel not expected to return to pre-pandemic levels until 2025, many hotels continue to experience near record-low or below-average occupancy rates, forcing some to close.
But developers who see opportunity where others see despair are snatching up shuttered hotels and converting them into apartments.
Although the practice began a few years ago, it blossomed during the pandemic. ....
NY developer to convert Manchester hotel to apartments hartfordbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hartfordbusiness.com Daily Mail and Mail on Sunday newspapers.
Developer proposes converting Manchester hotel to apartments yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.