Downtown hotel sold to un-named buyer
The Marriott Springhill Suites under construction in downtown Butler has been sold for about $7.3 million to a buyer who was not named during Tuesday's city council 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 for a little more than $7.3 million and a sales agreement has been signed, Cordwell said.
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.
At its regular meeting Thursday, council will consider extending the maturity date of the $2 million loan the city borrowed from PNC Bank for the hotel project to Dec. 6.
When the hotel is completed in November, the loan will be repaid by a $2 million state grant, Cordwell said.
A full report will appear in Wednesday's Butler Eagle.
