Hampton Inn construction kicks off after financing finalized with Heartland Bank - Business First
Columbus hotel investor and operator David Patel has completed financing on a 152-room Hampton Inn & Suites and wasted no time in getting construction started. Patel’s Riverview Hotel LLC joint venture with other Columbus investors closed on a $14.24 million loan through Heartland Bank on Friday for the $19.24 million project at 3160 Olentangy River Road south of Riverside Methodist Hospital. Brackett Builders Inc. has already hauled in and staged construction equipment onto the site. Patel told me the seven-story hotel should open in August 2014.
Columbus City Council in June approved a tax deal for the Hampton as well as the planned conversion of the University Plaza Hotel and Conference Center into a full-service, 232-room Marriott. Patel said he and partner Core Properties LLC have yet to finalize financing on the conversion of that property at 3110 Olentangy River Road.
Patel and his Indus Hotels affiliate also have ownership and management interests in the nearby Hilton Garden Inn and Varsity Inn.
Brian R. Ball