Cushman & Wakefield’s Whitney Kerr Sr. Represents Seller
KANSAS CITY, February 6, 2017 – Cushman & Wakefield announced today that Savoy Acquisition Company LLC has sold its stake in the historic Hotel Savoy to 21c Museum Hotels LLC for cash and conveyance of the east contiguous parking lot, located at 205 W. 9th St.
21c Museum Hotels LLC is transforming the Hotel Savoy into a 120-room boutique hotel with a fine dining restaurant, event space and contemporary art museum. With the purchase of the Savoy minority partnership stake, the Louisville-based 21c Museum Hotels LLC has completed refinancing plans with Junius Real Estate Partners, a subsidiary of J. P. Morgan. McCown Gordon Contractors has already started construction on the hotel, located at 9th and Central streets in Downtown Kansas City. Cushman & Wakefield Senior Director Whitney E. Kerr Sr., SIOR, CCIM, CRE, represented Savoy Acquisition Company LLC in the transaction.
“Over the course of about five years, we put our heart and soul into bringing the old Hotel Savoy and the Savoy Grill back to life,” said Eric Holtze, Managing Member of the Savoy Acquisition Company LLC. “We are thrilled to resolve our joint venture with 21c Museum Hotels in such a positive way, and we are looking forward to the opening of the new 21c Museum Hotel – Kansas City in the spring of 2018.”
Built in 1988, the 110,000-square-foot hotel housed Kansas City’s oldest restaurant. The Savoy Grill was known to be a popular stop for notable figures such as Presidents Harry S. Truman, Warren Harding, Gerald Ford and Ronald Reagan. The hotel also was noted for being the oldest continuously operating hotel in the United States west of the Mississippi River. Both the hotel and restaurant are listed on the National Register of Historic Places.
In 1965, Mr. Kerr represented Don Lee in the purchase of the Savoy property. “I am delighted that 50 years later, we have handled a transaction that will bring this historic Kansas City landmark back to life,” said Mr. Kerr.