KANSAS CITY, MO—Laurus Corp., based in Los Angeles, has purchased the 347-room Hilton Kansas City Airport hotel here.
The property is at 8801 NW 112th Street, along Interstate 29, and is surrounded by more than six million square feet of office buildings. The property includes 21,000 sq. ft. of meeting space. Laurus officials did not reveal a price paid for the hotel.
Jean Paul Szita, president and CFO of Laurus, said in a statement that the company plans an $8 million capital improvement plan at the hotel, including an upgrade to the lobby and restaurant, as well as improvements to the rest of the hotel. "The Kansas City market features robust demand drivers and various value-add opportunities through renovation, operating efficiencies and management," Szita said.
Philip Cyburt, CEO, said the acquisition is the third capital allocation from Laurus' Ethika Fund, partnering with institutional capital from Lowe Enterprise Investors, through a separate account investment managed on behalf of Ohio PERS.