SYRACUSE — The Crowne Plaza hotel, the cylindrical structure visible from Interstate 81 in downtown Syracuse, has a new owner. TJM Properties, Inc., a Clearwater, Florida–based real estate and hospitality firm, announced its purchase of the 276-room venue, a purchase that “expands its growing hotel portfolio,” according to a news release the company issued May […]
SYRACUSE — The Crowne Plaza hotel, the cylindrical structure visible from Interstate 81 in downtown Syracuse, has a new owner.
TJM Properties, Inc., a Clearwater, Florida–based real estate and hospitality firm, announced its purchase of the 276-room venue, a purchase that “expands its growing hotel portfolio,” according to a news release the company issued May 20.
The acquisition closed on May 16, says Cem Erenler, VP of hotel operations and business development at TJM Properties, NE.
Erenler, whose first name is pronounced “Gem,” spoke with CNYBJ on May 20 from Atlantic City, New Jersey.
The company didn’t release any terms of the acquisition agreement, including the purchase price.
The venue, located at 701 E. Genesee St., will retain the Crowne Plaza flag and continue to offer all the amenities and incentive programs of the Crowne Plaza brand, according to the TJM Properties news release.
The new owner also plans to retain the Crowne Plaza’s 123 employees, says Erenler. Besides ownership, TJM will also manage the property, he added.
TJM likes the Syracuse area because of the visitors that the health-care, technology, and education sectors can draw to the region, says Erenler.
He called it “a real vibrant area,” in the CNYBJ interview and noted Syracuse’s proximity to Canada.
“This will be a great addition to our portfolio of hotels. We are looking to grow two to three hotels a year,” says Erenler.
Richfield Hospitality, Inc., a Greenwood, Colo.–based hotel-management company, and Shelbourne Falcon Investors had acquired the property in a joint venture in July 2010.
The venue at the time was known as the Renaissance Syracuse Hotel.
TJM bought the property from an ownership group that included Richfield, Shelbourne Falcon, and Garrison Private Investment, according to Erenler.
The purchase is the latest expansion for the Florida company and its fourth hotel in the Northeast.
TJM Properties currently owns the Claridge Hotel and Atlantic Club in Atlantic City, New Jersey and the Radisson Philadelphia Northeast.
TJM Properties is a privately held real-estate firm that Terence J. McCarthy of St. Petersburg, Florida owns and operates, according to the company news release.
The firm owns hotels in Florida, Mississippi, New Jersey, and Pennsylvania under the Quality Inn, Baymont Inn, Howard Johnson, and Radisson flags.
Contact Reinhardt at ereinhardt@cnybj.com