VANCOUVER -- Daon Development Corp. announced Friday its American subsidiary has purchased the Mayo Hotel, a 55-year-old landmark in Tulsa, Okla., for $4.6 million.
The parent company said in a statement it planned 'extensive modernization' of the 400-room hotel 'as soon as arrangements have been completed with a hotel operating company.'
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The Mayo Hotel was designated a historic site, which meant Daon would get special tax treatment on rehabilitation costs.
The purchase was made by Newport Beach, Calif.-based Daon Corp., a wholly owned U.S. subidiary of the Vancouver firm.
