First Hospitality Group buys the Grand Plaza Hotel in Toledo

First Hospitality Group acquired the Grand Plaza Hotel in Toledo, Ohio.

The Chicago-based hotel developer purchased the hotel for $8.12 million, and plans to renovate the property over an eight-month period. The update is planned to recast the hotel as a four-star hotel, and First Hospitality also hopes to attach a national brand to the property.

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The cost of the renovations has not yet been revealed. The property was last sold roughly one year ago for $8.5 million.

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