The Ramada Plaza Hartford Downtown has taken on an equity partner in a financing transaction that will infuse the hotel with $11.5 million in capital, deal broker Hunter Hotel Advisors announced.
The 18-story, 350-room hotel will get $5 million in renovations under the deal. The hotel was put up for sale late last year, but is now off the market, a Hunter spokesman confirmed today.
Inner Circle Capital of Florida will become a partner in the hotel, which will be managed by an Inner Circle subsidiary.
Magilink Group, a South Korean company that borough the property out of foreclosure in 2010, remains a partner, but Hunter would not disclose the resulting equity split.