The Danbury Plaza Hotel, formerly known as the Sheraton, has been sold.

Broker Jones Lang LaSalle Hotels has closed the sale of the Danbury Plaza Hotel in Danbury, Conn., after negotiating an agreement on behalf of its client Pyramid Hotel Fund.

The buyer, described as a real estate investor, was not identified.
The 242-room hotel is located about 60 miles from New York City and is adjacent to the Matrix Corporate Center, former world headquarters of Union Carbide Corp.

It has 23,000 sq. ft. of meeting and event space, including a ballroom capable of accommodating 500 banquet guests.

“The acquisition of this asset provides the buyer an opportunity to acquire, renovate and reposition a full-service hotel in the desirable North Fairfield County market,” says Mark von Dwingelo, a senior vice president for Jones Lang LaSalle Hotels who arranged the transaction.

The purchase price was not revealed. However, according to a report in The Connecticut Post, the property is appraised at slightly above $16.5 million, based on figures from the assessor’s office.