Newspaper article THE JOURNAL RECORD

Historic Skirvin Plaza Hotel Sold / Four Texas Investors Buy Downtown Landmark

Newspaper article THE JOURNAL RECORD

Historic Skirvin Plaza Hotel Sold / Four Texas Investors Buy Downtown Landmark

Article excerpt

The Skirvin Plaza Hotel, a downtown Oklahoma City landmark, has been sold to Skirvin Plaza 1988 Inc. for an undisclosed price, it was confirmed Tuesday by Peter F. Streit, president of the firm.

A $1.87 million mortgage and warranty deed on the property was filed Tuesday in the Oklahoma County Courthouse.

The Skirvin Plaza was purchased from Business Mens Assurance Co. of America Inc. of Kansas City, which had bought the hotel for $4.6 million in a January non-judicial foreclosure sale.

Streit and Michael J. Proffit - who is also named as a buyer on the mortgage - own Savoy Hotels and Resorts of Fort Worth. That firm owns Savoy Resorts and Management Services Inc., which has managed the Skirvin for a year and will continue to do so, said Streit.

Skirvin Plaza 1988 includes four Texas investors and was formed for the specific purpose of purchasing the property, Streit said. Streit further declined to name the other partners in the venture, but said that a fifth partner is being sought.

The mortgage lender is Mutual Savings and Life Insurance Co., records show.

Business Mens Assurance had been the mortgagee on Skirvin Plaza since 1970. The Kansas City firm had foreclosed on former owner SPH Limited Partnership for defaulting on a $5.46 mortgage.

SPH Limited, which purchased the hotel in August 1985 was owned by former executives of Arvida-Disney, a Miami, Fla., real estate subsidiary of Walt Disney Productions.

Some restoration and remodeling is planned by the new owners on the 14-story, 202-room hotel, which has gone through a series of owners over the course of its 77 years, Streit said. Just how much, or to what extent, is uncertain, he said. …

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