BOWLING GREEN, Ky. (WBKO) -- City, county and economic officials broke ground today for a brand new addition in downtown Bowling Green.
The city has seen a large investment in its downtown in recent years, and today officials announced a new Hyatt Place Hotel will be coming to town.
"I can tell you, I have never seen anywhere as I have in this community, the cooperation, the dedication and the determination to reach a vision that was conceived so many years ago," said Dellisart LLC Chairman and CEO Doug Artusio.
The ownership of the Hyatt Place hotel in Bowling Green will be Dellisart Wellspring, LLC. This partnership was formed by Wellspring Investment, LLC, Ray Chen & Family and Dellisart, LLC, Douglas Artusio. They also manage the Staybridge Suites Hotel in Bowling Green next to the Knicely Conference Center.
Dellisart Wellspring LLC has executed a letter of commitment from US Bank and is scheduled for a loan closing in the upcoming weeks.
The new 108 room hotel is located near the WKU Alumni Center just off of Center Street, creating a link between downtown and WKU. A link that has been a vision of some for many years now.
"This project is going to be the bridge which begins to bring these two very important variables in our community together, and between downtown Bowling Green and the campus of WKU, we're going to drive the economy of this entire region," said Dr. Gary Ransdell, WKU President.
This hotel is not on university property, but is a part of the TIF district. The district was created as a way to boost the downtown economy and bring revenue to the city. This newest addition is a part of the success of the TIF.
"Last month, we did receive official certification from the Commonwealth of Kentucky that the TIF has been certified. As we stand here today, we're at $180 million two years early," said Doug Gorman, Downtown Economic Development Chairman.
Construction will begin this Fall on the four story hotel, and it is expected to open in the Fall of 2014.