Hotel properties hot as travel market recovers
With several companies both inside and outside St. Louis investing in the local hospitality market in the past six months, industry experts say the market for hotels is the best it's been in four to five years.
Mike Mullenix, president and chief executive of Brentwood-based The Mullenix Cos., said he sought to sell only one of the company's two hotels in Fenton earlier this year.
However, interest was so strong for the Fenton properties, both locally and nationally, the company ended up selling both to Sioux Falls, S.D.-based Summit Hotel Properties LLC, Mullenix said. Summit purchased the 106-room Fairfield Inn from Mullenix in February for $4.4 million. The sale of the 95-room Towneplace Suites by Marriott this summer was part of an $18 million package of four hotels that included properties in Tennessee and Idaho.
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