Photo courtesy of Chozick Realty

A Hartford hotel-to-apartments conversion is on the market for $55 million, double what its developers paid five years ago.

The former Red Lion Hotel at 55 Morgan St. in downtown Hartford was bought by a joint venture of New York City-based Shelbourne Global Solutions and Waterbury-based Alexa Group in 2021 for $22 million.

The companies completed another firm’s stalled conversion of the 18-story tower from 350 hotel rooms to 86 studio apartments 107 one-bedroom, and 31 two-bedroom apartments.

Chozick Realty represented both sides of the 2021 transaction, and is now representing Shelbourn and Alexa in this deal.

According to the property listing on Loopnet, the building, now rebranded as “The Millennium,” is being pitched as an asset that takes advantage of the minor league ballpark and related redevelopment in Hartford’s Downtown North neighborhood.

The building is “nearing completion” of its initial lease-up phase and is 85 percent occupied. The listing states 44 units are offered as furnished corporate rentals “at a premium price.”

Amenities include 380 garage parking spots, a swimming pool, fitness center, yoga room, screening room, game room, “extensive modern remote work facilities,” onsite laundry, bicycle storage, a pet washing station, and function rooms. The list doesn’t include an on-site restaurant and bar, however, as Shelbourne and Alexa had kept the hotel’s old restaurant space shuttered; it’s “awaiting resurrection, becoming another amenity to the residents and the area,” the listing states.