Monday, August 3, 2009

EDC Receives Five Proposals for Downtown Convention Center Hotel

Five proposals have been received by the EDC from private development groups willing to invest significant private dollars into a downtown hotel attached to the publicly funded downtown Owensboro convention/ events center. The proposals come from nationally respected development groups that have access to significant capital for private investment.

Nationally known and respected hotel flags are included in each proposal willing to operate a franchise in downtown Owensboro; the flags include Hilton, Sheraton, Marriott, Hampton Inn, and Holiday Inn. All proposals are willing to provide full service, convention class hotels with between 150 and 250 rooms, based on market analysis. There are local development groups and service providers involved in more than one of the proposals. Several developers have pledged to use local labor and contractors provided they are competitively priced.

The EDC will be facilitating the process of due diligence with a committee of staff members including the city and county government. The committee will be making a recommendation to the Owensboro City Commission by late fall. A development agreement could be in place by the end of the year.