Correction: The building's original constuction date was incorrectly reported in this article originally. The story has been updated.
The long-vacant former headquarters of Parker Drilling Co. at 8 E. Third St. has been sold to a local group that intends to transform it into a hotel.
Andy Patel, president of Anish Hotel Group, and Jay Jain purchased the 59,000-square-foot property from Houston-based Parker Drilling for $850,000, said Nick Probst of Corporate Realty Advisors, the broker on the transaction.
Patel is the developer of a four-story hotel at the RiverWest development in Sand Springs, the ultra-contemporary Aloft Hotel at U.S. 169 near 71st Street, and the new Comfort Inn & Suites in Glenpool, among others. Currently he has 11 hotel properties open or in development in the metro area.
Probst said the developers intend to bring an established hotel brand to Tulsa in order to use the entire 10-story building.
"The sale to a hotel group is an exciting step forward for downtown Tulsa," he said.
Probst said the building, constructed in 1929 and heavily remodeled in 1975, had attracted multiple purchase offers as well as redevelopment proposals, but he and Parker Drilling chose Patel and Jain even though they didn't make the highest offer.
Patel "was the best fit," Probst said. "We went with Patel because of the strength of his ability to perform, as well as the fact that he's local."
Parker Drilling sold the building when it relocated its headquarters to Houston in 2001, but it reacquired the property from local owner Vintage Income Properties LLC through foreclosure late last year, Probst said.
The building, which now will be known as 8 East Third Street, has been vacant since Parker Drilling left town.
Robert Evatt 918-581-8447