A Montana-based hospitality firm announced Wednesday that it had purchased the Holiday Inn Downtown Missoula and is planning a multi-million renovation – one that has already begun.

The property was quietly purchased by El Dorado Hospitality, LLC, and will be managed by the McDermid Management Co. Both firms are based in Bozeman.

“We feel this property has the ideal location in the market for guests to enjoy all that Missoula has to offer,” said Charles McDermid, who serves as a managing member for both firms. “We're extremely impressed with the team in place and are proud that all employees have been retained under our ownership.”

The facility was built in 1984 and originally opened as a Sheraton Hotel. It was converted shortly after to a Holiday Inn and has long served as a staple in downtown lodging.

Mimi Gustafson, director of sales and marketing for the Holiday Inn, said Wednesday that renovations to the hotel have already begun. The new owners are planning a multi-million overhaul that will take place in stages over the next two years.

“We've started the renovations with Jackson Construction on each of the fourth-floor guestrooms,” Gustafson said. “They're doing it in phases to have the least amount of impact on guests and groups. It's a large-scale and exciting project.”

A&E Architects and Jackson Contracting Group have been retained to lead the renovation work. Both firms are based in Missoula.

“We look forward to completing a full renovation of the property, including guest rooms, all public spaces and mechanical systems,” said McDermid. “With this investment, we feel this property will be one of the best in the market.”

Future renovations will include the hotel's main entrance and the large center atrium, which often hosts conferences and events that have include the Montana Festival of the Book and wedding shows. Changes to the hotel's restaurant and patio are also planned.

The ownership group’s portfolio includes the Hampton Inn and Suites in Boulder, the Holiday Inn Express & Suites in Torrington, Wyoming, and the Holiday Inn Express in Scottsbluff, Nebraska.

McDermid Management also manages GH Hospitality, LLC. That firm recently purchased the Hampton Inn in Helena and the La Quinta Inn and Suites in Bozeman.

“We're thrilled to be investing in Missoula – a vibrant and wonderful community with one of the best downtowns in Montana,” McDermid said.