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April 1, 2022 What's The Deal?

Bridgeport hotel slated for apartment redevelopment sells for $6.5M

Photo | COSTAR The Holiday Inn Bridgeport-Trumbull-Fairfield hotel in Bridgeport is being converted into apartments.
By Greg Bordonaro

A Bridgeport-based Holiday Inn hotel that is being converted into an apartment complex has sold for $6.5 million.

The Holiday Inn Bridgeport-Trumbull-Fairfield hotel sold in February, property records show. The buyer was 1070 Main Street LLC, which is controlled by John N. Guedes, who is the president and CEO of Bridgeport construction, development and architectural firm Primrose Cos. Inc.

Guedes said his firm is already underway with work to convert the former 268-room hotel into about 100 one- and two-bedroom luxury apartments.

Some of the apartments, he said, will be available for short-term stays, to help accommodate people who attend concerts and other events at the nearby Total Mortgage Arena. The Holiday Inn previously served as the city’s main hotel.

Guedes said the project will target young professionals who take the train for work to New York City. The average rent, he said, will be about $2,750 per month, which is less than apartment rents in neighboring Fairfield, a competing market.

Primrose Cos. is a family-owned business that focuses on adaptive reuse of properties into apartments.

The seller of the hotel was Bridgeport-based developer Trefz Properties, which originally bought the property in 1996.

The hotel was constructed in 1986 and renovated in 2012, according to CoStar.

There is a trend in Connecticut and nationwide of developers purchasing struggling hotels and converting them into apartments, especially after the pandemic battered the hospitality industry.

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