Loan approved for downtown hotel, demolition to begin soon - WPSD Local 6: Your news, weather, and sports authority

Loan approved for downtown hotel, demolition to begin soon

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PADUCAH, KY -

The city of Paducah announced a groundbreaking ceremony for the Holiday Inn Riverfront on Oct. 19.

Within the month, the concrete pad where the dome pavilion sat will be demolished.

Claude Bacon with Lingate Hospitality spoke about the skepticism surrounding a downtown hotel today. He said he understands that one point the community believed Senate hospitality would come, but it later fell through. The city has enough confidence in this project that they’re allowing Lingate to demolish the concrete pad before the property officially changes hands.

Bacon said the group is working on a lot more than the demolition. It has raised the private equity for the loan. In addition to that contract, it's also working to sign off on the actual construction of the hotel. “We are spending real dollars, and we are breaking ground on Oct. 19. Collectively, this means we are at the finish line in the final stages of this hotel development,” Bacon said.

If the loan does fall through for Lingate, the city says Lingate has agreed to indemnify the city for damages to the property.

In the future, dome pavilion could be on the corner of North 6th Street and Campbell Street. Paducah City Manager Jeff Pederson says it will provide at least another 10 years of convention space. The city is working with the state on the inflation limitations so it can be used for other things than AQS Quilt Week. The location is about a mile away from the convention center. A vote will be held to buy the 4.8 acre property on Oct. 13

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