A 96-room hotel on the edge of downtown Hartford across from the State Capitol building is up for sale.
New York-based Upland Property Advisors listed the Capitol Hotel late last week. The 68,763-square-foot, 1961-vintage building sits on 0.71 acres at 440 Asylum St., according to the listing brochure.
Located just off Interstate 84, the nine-story, brick hotel is across the street from the northeastern tip of Bushnell Park, with a straight line-of-site to the State Capitol building. It is also steps away from Union Station, the city’s passenger rail and bus terminal.
The property is being marketed for its conversion potential into multifamily apartments, as well as its value as a hotel. The area around the southern edge of the park has seen a big push in apartment construction as the city and Capital Region Development Authority leverage incentives to develop vacant lots and empty state office buildings.
The city has lost hotels to apartment conversions in recent years, and officials have been increasingly vocal about a need for more hotel rooms to cater to visitors to the city and its convention center.
Developer Randy Salvatore converted the top half of the 22-story former Hartford Hilton into the “Revel” apartments. In 2020, the 116-room Homewood Suites by Hilton, at 338 Asylum St., was converted into the Bond Residences apartments.
The Capitol Hotel property is owned by Shanti CC Hartford LLC, whose principal is Michael S. Goldstein, of San Diego.
The property also includes a 46-space indoor parking garage with direct access to an adjacent 11,240-square-foot surface parking lot.
