The SpringHill Suites by Marriott on Essen Park Avenue, off Essen Lane, was sold to local investors for $3.7 million—nearly $4 million less than it was bought for in 2015.
The 78-room hotel was sold by its New York investor owners to Baton Rouge-based SRG Investment LLC, represented by Rajendra Desai. SRG previously purchased Comfort Suites University in the College Drive-area for $3.7 million in 2014. Desai was unable to be reached for more information before this morning’s deadline.
The SpringHill Suites was one of four Baton Rouge hotels scooped up by New York-based American Realty Capital Hospitality Trust Inc. in 2015 as part of a $350 million deal. At the time, the SpringHill property was sold for $7.6 million.