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Robert Powell, III// December 20, 2016//
Chesapeake-based LTD Hospitality Group has bought the 183-room Magnuson Hotel in Newport News.
The hotel is located off Interstate 64 at the gateway to City Center. LTD plans to immediately close and restore the guestrooms, lobby, restaurant and more than 10,000 square feet of meeting space.
The hotel is scheduled to reopen by the end of 2017 as a full-service Holiday Inn.
The price of the purchase and the amount to be spent on the renovation were not disclosed.
Founded in 1983, LTD Hospitality Group has several business units including asset management, hotel management and development specializing in the lodging real estate sector.
