LHM Confirms Westport Acquisition
The company bought Westport Plaza for $33 million, according to its CEO.
Lodging Hospitality Management, Inc. (LHM) has bought Westport Plaza for $33 million. Bob Oloughlin, the company’s chairman and CEO, told Maryland Heights Patch the deal has been in the works for about the last six months.
LHM owns both Sheratons at Westport, Oloughlin said, plus the company’s offices have been located in the building since 2000. The company already owned 35 percent of Westport, he said, and purchasing the rest of the property made sense when it became available.
As for revitalizing the complex, Oloughlin said LHM is working with several entities on both the office and retail side. While nothing is confirmed at this point, he said the company hopes to get the whole complex to where it was in the early 1970s.
A few revitalization deals may be done by the late summer, Oloughlin said.