Radisson Opens 350-Key Radisson Hotel in Hartford
- Jan 22, 2014
The hotel destination at 50 Morgan St. in Hartford, Conn., has made its debut as the Radisson Hotel Hartford. The news comes on the heels of the announcement of a $5 million investment in renovations by Inner Circle Capital, which became co-owner of the 350-room property through an $11.5 million recapitalization transaction in October 2013.
Located amid the hustle and bustle of downtown Hartford, the new Radisson replaces a Ramada flag. The property had operated as the Ramada Hartford Plaza Downtown since 2011 foreclosure procedures for the hotel, which was previously known as the Crowne Plaza.
Now the hotel at 50 Morgan St. is being given a new life under a brand designed to accommodate the business set and leisure travelers.
“Upper-priced hotels are leading the Hartford market in both occupancy and rate, though rate leadership is to be expected between these two categories,” Andrea Foster, a vice president with, PKF Consulting USA, told Commercial Property Executive.
And the timing seems right, too. The previous occupancy high in Hartford was 62.2 percent in 2005, and according to PKF’s December Hotel Horizons report, the market is in the process of inching back toward the peak, reaching an estimated 57.9 percent at the close of 2013.
“Hartford is primarily an insurance market, so its lodging market was hit hard starting in 2006, when insurance companies moved out, but it is currently in recovery,” Foster said. PKF forecasts the market to restart at a new high of just under 61 percent by year-end 2015. The market forces are in place.
“Demand growth in Hartford is driven primarily by improvement in existing businesses, coupled with University of Connecticut moving some classes to Hartford and The Hartford Financial Services Group Inc. shutting down their Simsbury campus and moving employees to Hartford and Windsor over a two-year period,” Foster added.
As for the Radisson brand, the U.S. hotel market can expect to see more of the brands flags raised this year.
“The opening of [the Hartford] hotel reinforces our commitment to enhance the Radisson portfolio and further expand our presence in critical markets in the Americas,” Javier Rosenberg, COO, Radisson, said in a prepared statement.
Again, the timing is right. “Business, and resulting hotel demand, is strengthening in U.S. markets overall,” Foster concluded.