Courtyard Old Town sells to Dallas real estate trust

The Courtyard by Marriott Wichita at Old Town has a new owner.

The 128-room hotel at 802 E. Second St. was part of a portfolio of nine hotels acquired by Dallas-based Ashford Hospitality Trust for $224 million. The deal was completed last week.

“We are pleased to announce this strategic … transaction,” Monty Bennett, chairman and CEO of the real estate investment trust, said in a news release. “This portfolio afforded us the opportunity to acquire well-placed, well-conditioned assets with strong and diverse brands that will expand the geographic footprint of our platform.”

Wichita hotelier Jim Korroch, who developed and opened the hotel in 2006, sold it to Rockbridge Capital about four years ago.

Korroch said Tuesday his company continued to manage the Courtyard Old Town following the sale to Rockbridge. But with the sale to Ashford, “we are not managing it now,” he said.

Ashford said in the release that it has retained Remington Lodging to manage the nine hotels.

The deal leaves Korroch with ownership and management of one Wichita hotel, the Fairfield Inn & Suites Wichita Downtown at 525 S. Main.

In September, Korroch sold his SpringHill Suites by Marriott and his Residence Inn by Marriott hotels at the Plazzio development at 13th and Greenwich.

Korroch said he’s currently working with a group in Michigan to develop two hotels, including a Fairfield Inn near the campus of Michigan State University, his alma mater, in East Lansing.

In addition to the Courtyard Old Town, Ashford acquired a Courtyard in Boston, three Hampton Inn & Suites in Ohio and Pennsylvania, a Hampton Inn in Phoenix, a Homewood Suites in Pittsburgh, a Residence Inn in Stillwater, Okla., and a Sheraton in Michigan. Those nine hotels have a total of 1,251 rooms.

Ashford’s only other Kansas hotel is a Courtyard in Overland Park.

This story was originally published June 23, 2015 at 11:23 AM with the headline "Courtyard Old Town sells to Dallas real estate trust."