Ashland Alliance

Nothing out of ordinary in closing of hotel sale

ASHLAND, Ky. — Sale of the Ashland Plaza Hotel has been delayed until at least August, according to a hotel spokesman.

However, the delay does not mean the sale is in danger, according to Ashland Community and Economic Development Director Chris Pullem.

The buyer continues to plan renovation of the hotel and conversion into a national chain, according to a statement the hotel issued Tuesday.

“At this stage, the sale is not final and there are a number of different contingencies that need to be completed in order for the sale to actually occur, but negotiations are still continuing,” according to the statement.

The delay is not out of the ordinary, according to Pullem, who said he is in daily contact with the owners.

“There is no indication that there are any problems,” he said. “There are no indications of any issues. It will just take longer to close (the sale).

Pullem said he also has talked recently with the developers and lenders “and they all seem excited.”

Once the sale is completed, it will take about 10 months to complete the renovation, he said.

Investors are planning to convert the property into a Mariott-brand Delta Hotel. The hotel would include a restaurant.

Delta Hotels are three-to- four-star hotels based mostly in Canada. Ashland would join Chicago, Baltimore, Seattle, Orlando, Richmond, Va., Chesapeake, Va., Racine, Wis., Grand Rapids, Mich., and Fargo, N.D., on the list of American cities with Delta Hotels.

THIS STORY WAS ORIGINALLY POSTED AT DAILYINDEPENDENT.COM

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