The final chapter in the lengthy, complex story of downtown's Hotel Indigo has been written.
Hunter Realty Co. announced Tuesday the sale of the troubled hotel, its mixed-use space, upstairs apartments and ground-floor Starbucks has been completed in a $14.4 million transaction with TN Nashville LLC. As reported in September when the first domino fell on this sale, the LLC is the local arm of North Carolina hotel operators Winston Hospitality.
Teague Hunter, president of the eponymous Atlanta firm, and Brown Kessler brokered the deal. The latter is a former executive with IHG, the company that owns the Indigo brand.
“The complexity of the property translated into several issues for which we were able to provide in-depth counsel, ranging from office space encumbered by a below-market lease to lack of hotel-owned parking. [T]he hotel had been operating under IHG’s Hotel Indigo brand for less than a year and was still ramping up, so the project was sold on upside potential," Hunter said.
315 Union Holdings, the development partnership of Mark Lineberry and Keith Worsham, has been in bankruptcy since December and is the subject of numerous legal filings, related to an initial $18 million building loan from North Carolina's BB&T Bank.
Disputes in the buildings at the corner of Third and Union are nothing new, either. Their architectural weirdness was born of one of the city's oldest and most virulent business disputes.