Greenwich Hospitality Group Acquires MI Resort for $23M
- Jan 07, 2019
The Greenwich Hospitality Group (GHG) has acquired West Bay Beach Holiday Inn Resort in Traverse City, Mich., for $23.2 million. GHG plans to spend two years and more than $10 million renovating the 179-key waterfront resort.
Completed in 1968, the property is situated on the West Bay of Lake Michigan in downtown Traverse City. The company plans to raise the hotel’s status from a three- to a four-star property and rebrand it as DELAMAR Traverse City after an extensive renovation plan over a two-year period, during which it will remain open. DELAMAR is the flagship brand of Greenwich Hospitality.
In addition to the renovation campaign of existing buildings, the company plans to develop a protected docking facility for transient and overnight visitors and a “synergistic” residential development component, according to the company.
“Northern Michigan is one of America’s greatest year-round destinations and offers a variety of sporting, cultural, and scenic opportunities,” Charles Mallory, CEO of GHG, said in prepared remarks. “We are excited to bring the DELAMAR brand of hospitality to this beautiful part of the world.”
Image via Flickr Creative Commons user WestBayBeachResortHotel