Unnamed Chinese investor buys Seagate Hotel - 13abc.com Toledo (OH) News, Weather and Sports

Unnamed Chinese investor buys Seagate Hotel

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The Seagate Hotel has been vacant for three-years and it became an eyesore.  But the downtown hotel is now in the hands of new owners from China.

It has been vacant since 2009, and the inside has been stripped.  At one time, it was a pleasant hotel.  But bad management contributed to the hotel's decline.

The Seagate sits next to the Park Inn, a hotel which itself was sold to Chinese investors in 2011.  Five Lakes Global owns that property and news that another Chinese investor owns the Seagate, next door, sits well with the Park Inn's general manager. 

Mike Carlson told 13abc's Bill Hormann, "The more energy you can create the more people are going to want to come to downtown Toledo."

13abc talked with the title company which holds deed to this property and they tell us that 5 Lakes Global  did not buy the Seagate property.  But the title company did say, through the efforts of 5 Lakes Global and the mayor's frequent trips to China, another cCinese investor did step forward to buy the building.

13abc can also confirm the Seagate Hotel was purchased for $600,000 two weeks ago, a good price. for a 19-story building with waterfront views.

Toledo city councilman Rob Ludeman (R-Toledo), who also happens to be a realtor, says the investor got a great deal.  "Hopefully, it's a sign the owner will come in at that price, $600,000, spend some money, dress it up."

As for what could be done at the property, no word on what the unnamed Cinese investor wants to do or how much they may be willing to spend.

The Bell Administration tells 13abc they were surprised by the sale but the mayor is convinced his emphasis on foreign investment is paying off, saying "because we have an environment, a living standard, here, that I think is exceptional but we have failed to market it and I'm marketing it world wide."

Four downtown properties have now been purchased by Chinese investors:  the Marina District, the Docks, the Park Inn and now the Seagate Hotel.

The mayor believes more foreign investment is coming.

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