Paducah city leaders and LinGate hotel CEOs closed on financing for the hotel to be built in downtown Paducah.
City leaders announced in June that the Holiday Inn hotel would be built where the pavilion is, next to the convention center. The total project is $18 million with a $12 million loan from Independence Bank. The remaining $6 million is financed through private lenders.
Construction crews were able to start early on the project, breaking ground on the hotel in October with permission from the bank. LinGate CEO Glenn Higdon said their relationship with Independence Bank allowed them to start construction early, something Higdon says is important when construction runs through the winter. He says the crews have already had to deal with things they did not anticipate under the pavilion, like wells and cisterns, but Higdon believes by Nov. 15 crews will start laying the hotel's foundation.
"I wanted to get started a lot sooner than I was able to, because weather can kill you when you're pouring and placing concrete," Higdon says.
Construction for the hotel runs 13 months. Higdon says the hotel should be ready to open in early 2017, just in time for the quilt show.
LinGate's plans for the Holiday Inn show a 123-room hotel with a restaurant.