TOPEKA (KSNT) – Shawnee County leaders approved the issuance of approximately $7 million in bonds Thursday to support the purchase and renovation of Hotel Topeka.
Shawnee County commissioners voted 3-0 to approve the resolution, which authorizes the issuance of an aggregate principal amount of approximately $7 million of county taxable hospitality revenue bonds for YBR Properties WG Topeka LLC. City leaders previously approved the sale of Hotel Topeka to YBR Properties WG Topeka LLC, formed by the hotel management chain Endeavor Hotel Group, earlier this year.
“Well, I think that hotel has sat empty now for six months, maybe more, longer,” said Bob Perry, bond counsel for Shawnee County. “It’s been purchased by this Wichita developer who has an experience, from what I’ve been able to ascertain from some research I’ve done, in acquiring or building hotels in communities similar to Topeka that have a similar type [of] situation as we do with that hotel next to the [Stormont Vail Events Center].”
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YBR Properties will use the bonds to finance the acquisition, renovation, equipping, furnishing and improving of commercial hospitality-related facilities at the hotel, according to the resolution. The bonds are intended to promote economic growth and create jobs in the area.
Perry said he has spoken with Endeavor Hotel Group President Roy Arnold about plans to attract more visitors to the hotel. He also said the issuance of the bonds comes at no cost to the county.
“This doesn’t cost the county a dime,” Perry said.
Endeavor Hotel Group has multiple hotel properties in the Midwest in its portfolio, including the Endeavor Inn and Suites in west Topeka. The Hotel Topeka property can be found at 1717 SW Topeka Blvd.
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