The Hotel Modern on Lee Circle sold Wednesday (June 22) to a developer with plans to rebrand the 10-story building into an InterContinental-branded hotel.
Hawkeye Hotels based in Iowa City, Iowa, bought the hotel from a group of New York investors for an undisclosed price.
"We're community developers, and we have plans for a robust upgrade of this property that will fit into the existing culture and community of the area," said Ravi Patel, Hawkeye Hotels, in a news release. "We hope our investment will not only transform the iconic property, but also make a statement that our company intends to be an active player in an already thriving and vibrant community."
The building overlooking the Robert E. Lee monument was once a YMCA dormitory and opened as Hotel Le Cirque in 2001, shortly before the Ogden Museum of Southern Art and D-Day Museum -- now the National World War II Museum -- opened nearby in the Warehouse District.
A group of New York investors under the name 2 Lee Circle Associates LLC bought the hotel in 2011 and named it The Hotel Modern.
As part of the sale to Hawkeye, the 19th-century-themed bar inside the hotel is closing.