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CBS 2 - Search Results

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Sioux City Reaches Deal on Hotel

SIOUX CITY, Iowa (AP) -- Sioux City officials say the city has reached a deal for a Florida-based company to buy and renovate a downtown hotel.
  
Officials announced Wednesday that Conor Acquisitions, of Fort Myers, Fla., would buy the property for $4 million and spend another $6.5 million on renovations. The 193-room hotel, now an independent, would be converted to a national brand.
  
Jonathan Chang, of National Hospitality Design Group, which is handling the renovation, says three national chains are being considered.
  
Under the agreement, the city would contribute $1 million to hotel renovations. The city also would provide a property tax rebate and designate parking in a city ramp.
  
The City Council will vote on an amendment to the downtown urban renewal plan Monday.

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