Four major Wichita hotel properties sold late Thursday as part of a much larger multistate hotel deal.
Connecticut-based Starwood Capital Group, which is related to Starwood Hotels, is part of a group that purchased Jim Korroch’s SpringHill Suites by Marriott and his Residence Inn by Marriott, both of which are at the Plazzio development at 13th and Greenwich.
Also included in the deal is the Hampton Inn & Suites at Regency Lakes at 21st and Greenwich and the Hilton Garden Inn Wichita at Bradley Fair.
“It’s probably one of the biggest transactions the city has seen in a long time,” Korroch says.
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He says the Wichita hotel sales were in excess of $50 million.
“It’s a big deal.”
Bill Hamrick of TMH Hotels, which manages the Hampton and Hilton, couldn’t be reached for comment.
Korroch says Kentucky-based Schulte Hospitality Group will now run the hotels.
“I have high regards for Schulte,” Korroch says. “I know they’re going to do a good job and continue the good legacy we’ve had at those hotels.”
No one with Starwood could immediately be reached for comment.
Korroch says he wasn’t looking to sell.
“It was just a situation where this group came around,” he says.
He calls Starwood Capital a “distant cousin” to Starwood Hotels.
“They were looking for premium hotels in Wichita.”
His Residence Inn is approaching its 10th anniversary, and SpringHill Suites is almost seven years old.
“It just seemed like in the business cycle, it made a lot of sense for me at this time to go ahead and sell,” Korroch says.
He still owns the Fairfield Inn & Suites at WaterWalk and manages the Courtyard Marriott in Old Town, which he used to own.
So doesn’t this latest sale free him to buy more hotels?
“Ah, it does, but that’s not immediately in the business plan,” Korroch says. “I’m just going to take a break for a little while here, I think.”