Shelbourne joint venture commits $30M to Hartford hotel conversion

A joint venture of Shelbourne and Axela Group closed late last week on the 50 Morgan St. hotel, according to Yitz Rabinowitz, vice president at Axela, which is a significant off-campus housing developer and landlord around UConn in Storrs and also develops single-family homes, storage facilities and other properties. The property is in the midst of a stalled conversion overseen by former owner Inner Circle, and currently contains 96 apartments on the upper floors and approximately 156 hotel rooms. The Red Lion closed shortly after the COVID-19 pandemic hit.

The new owners plan to brand the property as The Millennium, which would contain a total of 260 apartments — including about 138 studios — when completed.

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