Investment

Key Hotel and Property Development to build Ohio hotel on site of former cinema

5 Sep, 2012
 


 

Source: The Toledo Blade

A Toledo-based developer has purchased the former Showcase Cinemas site on Secor Road and plans a $25 million redevelopment of the 13-acre property that will include an upscale hotel and additional retail.

Saad Roumaya, a partner with Key Hotel and Property Management Inc., which has built area hotels, restaurants, and small retail centers, said he plans to build an 80,000-square-foot, four-story, 114-room hotel on the site with construction starting in November if Key Hotel can obtain the necessary permits by then. The hotel will take about 12 months to build, he added.

Last week Roumaya’s company purchased the property, at 3500 Secor Rd., for $2.5 million from National Amusements Inc. The Dedham, Mass.-based theater chain had operated the cinemas until 2005 when it closed them. They were torn down in 2011.

Roumaya said the hotel brand has not been finalized, but it is known that Key Hotel has been negotiating with the Hampton Inn chain. In 2009, Key Hotel submitted plans to the Toledo-Lucas County Plan Commission for construction of two hotels on the site, including a Hampton Inn.

Topic : Toledo, Key Hotels and Property Management, Purchases, Construction
External Source : Toledo Blade



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