The Marriott Springhill Suites under construction in downtown Butler has been sold for a little more than $7.3 million to a buyer who was not named during Tuesday’s city council forum meeting.

Arthur Cordwell, Butler Redevelopment Authority executive director, announced the sale while updating council on the construction project.

All the investors, including the authority, which has a 25 percent ownership share, agreed to the sale and a sales agreement has been signed, Cordwell said. He didn’t disclose the exact amount of the sale Tuesday night.

After the sale closes, which could occur by the end of November, the investors, including the authority, will receive any money left after the contractors are paid, Cordwell said.

He said he does not know the buyer.

Mayor Tom Donaldson said he knows who the buyer is, but added that it’s “not my place” to identify the party.

At its regular meeting Thursday council will consider extending the maturity date of the $2 million loan the city took from PNC Bank for the authority for the hotel project to Dec. 6.

The bank offered to extend the date and solicitor James Coulter said accepting the extension is the best way for the city to address its downgraded bond rating.

In October, S&P global lowered the bond rating from BBB to BB+, which signifies non-investment grade, or junk, bonds. This marked the second bond downgrade in the last year.

When the hotel is completed in November, the loan will be repaid by a $2 million state grant, Cordwell said.

If the city defaults on the loan, the developer, J.S. Capitol, must pay the loan off, he said.

“We protected the city as much as we can. There’s no liability on the city,” Cordwell said.

Despite the sale, Cordwell said, the hotel will remain a Marriott. Marriott plans to hire 30 to 50 people and they must offer jobs to low and moderate income city residents first, he said.

Construction costs were originally estimated at $6.5 million, but the cost has risen to $8.3 million to $8.5 million, he said.

Councilman Michael Walter questioned whether the hotel would actually meet that completion date.

“Marriott is in charge of this,” Donaldson responded.

In addition, council will vote Thursday on making payments on the bonds the city floated in 2015 to fund construction of the garage, which is also part of the Centre City project with the hotel.

Council will consider paying $190,000 on the principal and $5,572 on the interest on the taxable series A-2015 bonds, $109,000 on the principal and $108,216 in the interest on the A and B series B-2015 bonds and $102,643 on the interest on the series B-2015 bonds.

Money for the payment will come from parking revenue.

In unrelated business, council will vote on awarding a three-year garbage and recyclable collection contract to Waste Management, which submitted a bid with lower fees than the current contractor Vogel Disposal.

Regular residential rates will be $19.50 a month in 2018, $20.09 in 2019 and $20.69 in 2020. Senior citizen rates will be $17.56 in 2018, $18.09 in 2019 and $18.63 in 2020.

Vogel’s bid was $20.50, $21.43 and $21.97, respectively, for regular residential service and $19.11, $19.59 and $20.08 for seniors.

The cost of the streetlight tax is also going down next year.

Walter said the tax will be reduced by 1 mill from 3.25 to 2.25 in 2018, he said.