TULSA, OKLAHOMA Crowne Plaza Tulsa has been acquired in a foreclosure auction for US$11 million by Sorin Real Estate.
The 462-key property had been controlled by Louisiana-based Ascension Hotels prior to defaulting on a US$20.3 million mortgage in January. The purchase price translates to US$23,800 per key.
The hotel has remained open throughout the foreclosure process and is expected to retain its affiliation with the IHG brand. The property is managed by Dallas-based Aimbridge Hospitality.
Ascension Hotels purchased the hotel in 2006 for US$6.75 million and began a two-year, US$20 million renovation shortly afterward.
Sorin, which has ties to local Tulsa charity George Kaiser Family Foundation, made the sole bid during the auction. The property was recently appraised at US$15.8 million