This property was purchased by Amerimar Enterprises in joint venture with Angelo, Gordon & Co. from Aetna Life Insurance Company. The purchasers were attracted to this property because it had been through foreclosure, had structural problems and was suffering significant departmental losses. Furthermore, there had been no capital investment in the hotel for ten years and there was no significant office leasing activity for the past several years. As a result of these negative factors, the property was on the market at distressed pricing. In addition, the property was situated on a site subject to a land lease and the former Sheraton franchise agreement was on a month-to-month basis.

Upon acquiring the property, Amerimar replaced the Sheraton Hotel franchise with the exclusive Radisson flag, acquired the fee simple interest in the land, initiated a $10 million renovation and repair program for the entire property and leased out the first floor food and beverage operation. Cash flow from the property in the second full year of operation approximately doubled the cash flow of the property in the year prior to its acquisition. In the first year, office occupancy climbed from 60% to 85%, parking income increased by 33% and, with the help of a restaurant lease, the food and beverage profit recovered from a $250,000 annual loss to more than a $200,000 annual gain. In addition, the hotel's average daily rate climbed 10% over the previous year.

With the renovation and repositioning complete, the property was sold in 1997 for a significant profit.