Sloman says the Mayfair's downfall can be attributed to the Great Recession. “During the economic downtown, the owners experienced enormous economic stresses that caused them to make decisions that resulted in poor product and service. That creates a death spiral from which recovery is very challenging. New ownership, combined with operational execution focused on solid fundamentals, has proven to be a good formula for us. And we believe that will be the case here.”

He declined to put a figure on renovation costs, but says the hotel has “good bones.”

“We're anticipating an expansive renovation that will touch all of the guest rooms and public spaces,” Sloman says. “The details are still pretty fluid at this time, as we are in the early stages of planning.” Whether the hotel adds or subtracts rooms is something to be determined, he adds.

The revamped Mayfair will look to grow its business travel and international leisure market segments, Sloman says. Asked about a role model for the look of the revamped Mayfair, Sloman says “not at this point. Every hotel has a story to tell. We believe this one can be especially interesting.”

MJS Hotels is an owner and third-party hotel manager currently handling 35 properties, including brands for Marriott, Hilton and Intercontinental.

As previously reported by GlobeSt.com, the hotel sector is particularly active. In one deal, Choice Hotels International plans to roll out a number of new Cambria Suites hotels in partnership with Fillmore Capital.