Inner Circle, New Owner of Cheyenne, Wyoming Holiday Inn to Launch Renovation/Conversion to Radisson
Dec. 26–CHEYENNE — The co-owner of a company that recently bought the local Holiday Inn said it will be converted into a Radisson hotel, and multimillion-dollar renovations will begin soon.
Inner Circle, a company based in Ormond Beach, Florida, is the new owner of the Holiday Inn, a 249-bed hotel at 204 Fox Farm Road in Cheyenne.
Inner Circle is a full-service real estate investment company, Stephen Nalley, its co-founder and managing partner, said Wednesday by telephone. The company “specializes in the acquisition and turnaround of distressed real estate assets,” he said.
Inner Circle bought the local Holiday Inn at auction in early November. The purchase is a package deal, as the owners also bought the Holiday Inn Grand in Billings, Montana.
The Billings facility also will be converted into a Radisson hotel.
Nalley would not say how much it cost to buy the Holiday Inn in Cheyenne. Its conversion to a Radisson hotel likely will occur by the end of January.
“We will immediately go into a renovation mode. I don’t know how long that will take. We definitely plan on spending several million dollars initially to bring it up to Radisson standards,” Nalley said.
“We’re the largest franchisee of Radisson hotels in the country,” Nalley said of the company.
“We have more Radisson hotels than anyone in the country.”
He said there are several good things about the Cheyenne hotel.
“From a business perspective, you have a phenomenal asset that needs to be value-added,” he said. “What it needs is a facelift, a new identity and some capital invested in it. We think it is going to rock and roll.”
The Holiday Inn takes in a lot of business during Cheyenne Frontier Days, he noted.
Inner Circle does not plan to lay off any of the hotel’s approximately 120 employees. Two employees opted not to continue, he said.
A team from the Radisson chain will train Cheyenne staff for two weeks in January. The hotel will remain open during that time.
“Everybody can understand when you switch a franchise and a standard has to be met,” he said. The new standard will turn the hotel into a four-star going business concern, he said.
Inner Circle officially closed on the hotel deal Tuesday, Nalley said.
Robert Schamber, chief operating officer for Inner Circle, is at the local hotel now, working with staff.
“We want to improve the property to attract more government business,” Schamber said.
A public hearing will start at 6 p.m. Monday as the Cheyenne City Council considers transferring ownership of a resort liquor license from the former owners of the hotel to the new. The transfer would be made to 204 Fox Holdings, LLC.
The hearing will take place in the City Council chambers of the Municipal Building, 2101 O’Neil Ave.
Nalley is a partner in Inner Circle with Joseph G. Gillespie, who is the company’s founder and chief executive officer, based on information on its website. The two men have been in business together since 2003 and own hotels all across the country.
Gillespie “has bought more hotels as an individual than any individual living in the United States,” Nalley said.
The Holiday Inn is not the only hotel in Cheyenne that sold at auction recently. The historic Plains Hotel in downtown Cheyenne also sold to an as yet undisclosed buyer.
The Plains Hotel sold through Auction.com and CBRE Group in Denver.
Mark Darrington of CBRE said Tuesday that the hotel was under contract, but the owner’s name is not public yet.
As of earlier this week, the Laramie County Assessor’s Office did not have any information on file about the new owner or owners.