A Kentucky-based hotel company plans to build a Hampton Inn & Suites near Park Place mall, according to CB Richard Ellis, which handled the lease.
The 101-room hotel will be built at 251 S. Wilmot Road, on the site of the former Buena Vista theater, which has been condemned by the city, said Nancy McClure, retail specialist for CB Richard Ellis.
The theater, which has a caved-in roof and other structural problems, previously served as a movie theater and later a music venue, McClure said. But now it is "quite an eyesore," she said.
"This will be quite the improvement to the area," she said.
The company leasing the 2.5 acre parcel is a partnership created by Covington, Ken.-based Corporex Select Service. McClure said the hotel developer was interested in the site because of its proximity to offices, retail stores and restaurants.
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"I think that whole center core of town has a lack of business-type hotels," McClure added.
The landlord is Kivel Investments of Tucson.
Construction will begin as soon as permits are approved, CB Richard Ellis said.