4 POINTS SALE
HE KINGSTON BASED MELO HOTEL GROUP ANNOUNCED TODAY THAT IT HAS AGREED TO SELL "THE FOUR POINTS SHERATON" LOCATED DOWNTOWN.
- Newswatch Newsroom
8/31/2012
THE KINGSTON BASED MELO HOTEL GROUP ANNOUNCED TODAY THAT IT HAS AGREED TO SELL "THE FOUR POINTS SHERATON" LOCATED DOWNTOWN. THE FOUR POINTS WILL NOW BE CO-OWNED BY 'CONCORD' WHICH CURRENTLY OPERATES 84 HOTELS, 11 OF WHICH ARE LOCATED IN CANADA AND 'SELECT HOTEL INVESTMENT' OUT OF TORONTO. THE NEW COMPANIES OFFICIALLY TAKE OVER IN OCTOBER WHEN THE MELO GROUP WILL RELINQUISH ALL OPERATIONAL CONTROL. ALTHOUGH THEY HAVE SOLD THIS HOTEL IN THE CORE THE GROUP PLANS ON KEEPING THE AMBASSADOR HOTEL UNDER MELO OWNERSHIP.
"IT'S A MARVELOUS OPPORTUNITY FOR THE EMPLOYEES AND STAFF AT THE FOUR POINTS, CURRENTLY HERE. AND IT'S GOING TO BE FANTASTIC FOR DOWNTOWN KINGSTON. THE NEW COMPANY COMING IN, THE NEW OWNERSHIP GROUP, IS EXPECTED TO INVEST SOME SIGNIFICANT CAPITAL IN THE BUILDING AND DO SOME GREAT THINGS FOR DOWNTOWN KINGSTON. SO THERE'S SOME EXCITING THINGS HAPPENING HERE."