Investment board approves $39 million in bonds for hotel project

LEXINGTON, Ky. (WTVQ) – A proposed $40 million hotel project could fill in another void in downtown Lexington.

The Urban County Council’s Investment Committee approved issuing $39 million in 40-year industrial development bonds for the project, which is known as the Speigle Heights Redevelopment (Speigle Heights Project_IRB Presentation_5.3.21).

The 125-room hotel would be built on the East End of the Distillery District where few improvements have been made. It would include a full-service restaurant, roof top bar, event venue and other features.

In addition to millions in tax revenues, the project would create 100 permanent jobs and promote additional investment in the area.

“I think it’s a good message that we send this to the Council, that this is an opportunity to start thinking out of the box for the future, especially with everyone wanting to raise taxes for payroll. I don’t want to raise taxes, this is one example of how we might solve some of our problems down the road,: Urban Council member Rich Moloney said.

If the Urban Council fast tracks approval of the industrial revenue bonds, construction could begin this summer with the hotel opening in 2022.

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