ST. LOUIS, MO — Alchemy announced today the sale of the Hotel Indigo Downtown St. Louis, an 88-room boutique hotel at 501 Olive Street in St. Louis, Missouri.
Alchemy represented the seller, a court-appointed receiver acting on behalf of a local bank, in the disposition.
The hotel occupies the LaSalle Building, a downtown St. Louis landmark originally constructed in 1909 and comprehensively repositioned from office to hotel, reopening as a Hotel Indigo in 2019. Its location in the heart of the CBD places guests within walking distance of the Gateway Arch National Park, America’s Center Convention Complex, and Busch Stadium, drawing convention, leisure, and corporate demand from the legal, financial, and professional services firms that anchor the downtown business district.
“The LaSalle Building opened as the Hotel Indigo just as the COVID pandemic began — a combination that created immediate headwinds and ultimately a complex, lender-involved process,” said Adam Montufar, Principal, Alchemy Real Estate Advisors. “We were pleased to help the bank and transition this asset to new ownership committed to the capital investment and long-term operational focus it deserves.”
The buyer, a private investment group specializing in distressed and deep value-add acquisitions, will partner with a local St. Louis third-party operator to manage the property. The hotel will remain a Hotel Indigo, and the new ownership group will complete the brand-required property improvement program to retain the flag and enhance the guest experience.
The sale comes as downtown St. Louis hotel fundamentals strengthen. The CBD submarket generated $100.7 RevPAR year-to-date through May 2026, a 12.2% increase over the trailing 12 months, according to CoStar/STR. The sale marks Alchemy’s second closing in the St. Louis MSA and sixth hotel closing in the past three weeks.
