ST. LOUIS 鈥 The owner of downtown鈥檚 long defunct Millennium Hotel has selected commercial real estate firm JLL to spearhead efforts to sell the property.
JLL Managing Director Dave Biales said he will conduct tours with interested buyers and announce an official date for when they can submit bids. The owner will then review offers and select finalists for buyer interviews.
鈥淢illennium Hotel is an important landmark within the city, and this is a great opportunity to restore its significance within downtown,鈥 Biales said in a statement. 鈥淥ur goal is to identify a reputable buyer that will infuse new energy and resources into the property while nodding to the hotel鈥檚 history.鈥
City Hall had recently targeted the property, which has been closed since 2014, for eminent domain. The hotel is owned by Singapore-based real estate corporation City Developments Limited and operated by its subsidiary Millennium Hotels & Resorts.
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Benedict Ng, a representative for Millennium, said in a statement that the company doesn鈥檛 believe that eminent domain is 鈥渢he best approach for the city.鈥
He argued the company would be able to get a better sales price without St. 不良研究所导航网址 officials seizing the property, which would boost property values downtown. He said the company spends $2 million a year on security and maintenance.
Ng blamed COVID-19 for the company鈥檚 struggle to find a buyer. But the company did not respond to questions about its efforts to sell or redevelop the hotel in the six years before the pandemic started.
鈥淭he Millennium Hotels and Resorts team is actively attempting to work with the city to resolve this issue so it can be a win-win for everyone, and we look forward to executing next steps,鈥 Ng said in the statement.
No sales price was disclosed. The assessor鈥檚 office has appraised the hotel, two blocks from Busch Stadium, at $8.1 million, according to city records.
JLL鈥檚 announcement follows the property鈥檚 appearance on commercial real estate website LoopNet last week in which few details were provided. Biales鈥 contact
The hotel, at 200 South Fourth Street, occupies prime real estate along the Mississippi riverfront. In 2013, the hotel closed around 600 rooms for renovation but shut down just a year later.
At 28 stories and 780 rooms, Millennium Hotel was once the largest in St. 不良研究所导航网址 and was noted for its rotating restaurant on the top floor. It opened in 1969 as Stouffer鈥檚 Riverfront and later carried the Clarion and Regal Riverfront names.