URBANA, Ill. (WAND) - Landmark Hotel may finally have a buyer after several failed attempts.
A letter of intent was entered with the City of Urbana and Maryland-based Marksons Affiliates, LLC for a complete renovation of the Urbana Landmark Hotel. The hope is for the hotel to be a 120-room boutique hotel with a restaurant, bar and conference center. The hotel will be branded as the Hilton Tapestry.
"The City of Urbana has worked tirelessly over the last five years to find a development partner for the hotel that brings the right mix of experience, tenacity, financial resources and a balanced level of risk for the City," said Urbana Mayor Diane Wolfe Marlin. "We believe that his proposal and the team behind it is our best chance of success for this unique and historic hotel in the heart of our downtown."
The project is projected to cost $16.8 million and the city will support at least a $5.2 million reimbursement to the developer upon completion of the project. The proposal is up to the Urbana City Council to decide.
City Council will vote on the interim agreement on Monday. If approved, the developer would be required to purchase the hotel for no more than than $1 million. Should the City not be able to complete the final redevelopment agreement for the project by July 19, 2019, then the City would share in the cost of the developer's due diligence costs up to a maximum cost of $75,000.
For more information about the City of Urbana, please visit www.urbanaillinois.us.