Complex sentence: On May 13,2014, Streetcar Developments and Dream Unlimited announced their purchase of the Hotel, announcing they would close the hotel and redevelop it into a 58-room boutique hotel with a ground floor restaurant and a rooftop bar.
Split into simpler sentences: On May 13,2014, Streetcar Developments announced its purchase of the Hotel. Streetcar announced it would close the hotel and redevelop it into a 58-room boutique hotel with a ground floor restaurant and a rooftop bar.