The family that developed the the Siena Hotel has sold the Chapel Hill inn and its Il Palio Ristorante.
Aanika Hotels of Morrisville paid the Longiotti family $7.3 million for the 79-room inn and restaurant at 1505 E. Franklin St. The sale closed today, said Carole Marcusse-Sell, a spokeswoman at Plaza Associates, the Raleigh company that relresented the seller.
The price was 8.8 percent below the tax value, showing how a tight lending environment is impacting prices of commercial real estate. Aanika paid cash for the property, said Govind Chandak, an Aanika partner.
Chandak, who partnered with his son and daughter in the purchase, said his group plans to spend up to $3 million on interior improvements to the property over the next year.