New Investor Group Buys The Downtown Fort Worth Sheraton Hotel And Spa
July 19,2013
FORT WORTH — An investor group that for months has tried to buy the Sheraton Hotel and Spa in downtown Fort Worth out of bankruptcy finally closed the purchase on Wednesday.
1701 Commerce Acquisition, Llc., an investor group of Presidio Cos. in Sacramento, Calif., paid $49 million for the 429-room property at 1601 Commerce St., on the south end of downtown near the Fort Worth Convention Center. The hotel is already under new management, and the new owners promise a multimillion-dollar renovation during the coming year, improving the hotel’s entrance and lobby, restaurant, and meeting and guest rooms.
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