The Hotel Indigo Downtown St. Louis has been sold by Alchemy on behalf of a court-appointed receiver for a local bank.
The buyer of the 88-room boutique hotel—which partnered with a local St. Louis operator—is a private investment group specializing in distressed and deep value acquisitions. The hotel will remain a Hotel Indigo, and the new ownership group will complete the brand-required property improvement program to retain the flag.
The property occupies the LaSalle Building, a downtown St. Louis landmark originally constructed in 1909 and repositioned from office to hotel, reopening as a Hotel Indigo in 2019.
“The LaSalle Building opened as the Hotel Indigo just as the COVID pandemic began—a combination that created immediate headwinds and ultimately a complex, lender-involved process,” Adam Montufar, principal, Miami-based Alchemy Real Estate Advisors, said in a statement. “We were pleased to help the bank and transition this asset to new ownership committed to the capital investment and long-term operational focus it deserves.”