The 50 Morgan CT LLC took ownership of the hotel on January 25, 2012. 50 Morgan CT LLC acquired the mortgage on the hotel shortly before the previous owners, CHOA Vision LLC, filed bankruptcy in 2010. CHOA Vision bought the hotel in 2007 for $20 million but still owed $13 million on its mortgage in late 2010 when the group filed for bankruptcy.
The good news is that the new owners plan to make significant upgrades and improvements to the hotel. I am going to hold my breath and keep my fingers crossed that the hotel does not end up suffering the same fate as the Goodwin Hotel which closed in 2009.
I’ll admit it - the hotel is not an amazing piece of architecture and suffers from being isolated from the rest of downtown. If it closed however the city would have 350 less hotel rooms within walking distance of the CT Convention Center and the XL Center. The city cannot afford to have another vacant hotel which could potentially sit vacant for years like the former Clarion Hotel on Constitution Plaza. Additionally, it is my hope that over the next decade the downtown north area surrounding the hotel will actually see growth and development. Already the new public safety center is nearing completion, the Butt Ugly building has been torn down and the former Barnard Brown School building has been renovated and now houses the Capital Preparatory Magnet School.
Finally, there are also the jobs that would be lost if the hotel closed. I have no idea how many jobs are at the hotel, what the rates of pay are and how many employees are Hartford residents however during these difficult times losing these jobs would dramatically affect the lives of all the hotel’s employees.
I hope to start seeing those renovation plans soon!
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