City, Bank, Developer Negotiating Hotel Deal
By Bill Hughes
PADUCAH, KY - The city is one step closer to having a downtown chain hotel, but for now, it's all in the details.
Mayor Gayle Kaler spoke after an executive session of the Paducah City Commission Friday, and confirmed that Independence Bank has made a loan offer to the developer, Senate Hospitality of Nashville, TN.
"We're still in negotiations with the developers to coordinate that letter of commitment for the offer, and the hotel development agreement," Kaler said.
She added that negotiations between the bank and the developer are still ongoing, and said that the wording of loan offer and the agreement between the city and the developers have to be coordinated before anything else happens. Those details won't be made public until everything is signed by both parties, and passed by the Commission.
Kaler said the city wants to have everything completed by a deadline of September 30. When asked if she was confident the deal would be signed, she said, "I'm pretty confident, but you know, it's not over 'til the fat lady sings."
Senate Hospitality is pursuing a Hilton Garden Inn, which would satisfy one part of the development deal, which requires the hotel be affiliated with a national chain.
Kaler said the 6-story, 124-room hotel would sit where the dome pavilion once stood, and would have a walkway leading over the floodwall to the convention center. She said the presence of a hotel is vitally important for the local economy and tourism, and it would probably open in time for the 2015 quilt show if construction began this fall.