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Leisure Hotel Group buys Concord, Calif., Red Lion for $5M

3 Feb, 2012

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In a perfect example of how much some hotel values have dropped, Fremont, Calif.-based Leisure Hotel Group has bought the former Red Lion Hotel in Concord, Calif., for an estimated $5 million. The 189-room hotel, which shut its doors in May, was bought in 2007 by its previous owners for $11.2 million. "We are working hard to upgrade the hotel," said Sanjiv Patel, one of the principals with Leisure Hotel. "We hope to open the hotel in three or four months." Mercury News reports that to replace the hotel with an identical building would cost about $15 million.

Topic : Red Lion, Leisure Hotel Group
External Source : Mercury News, San Francisco Business Times