Done deal: Louisville building sale paves way for Aloft

The former Marine Electric Co. Inc. headquarters property in Lousville, Ky., at First and Main streets, has been sold, allowing for a new 175-room Aloft hotel to move forward, reports Louisville Business First. The Aloft project was announced last October. Louisville developer Steve Poe is behind the project.

Marine Electric sold the property to LouMain LLC for $900,000, according to Dalton Dreisbach, an industrial property specialist with Stephen C. Gault Co. The commercial real estate firm represented both parties in the transaction, which closed on May 20.

Dreisbach said the property had been used as offices and storage by Marine Electric. It has been vacant and on the market since the longtime electrical contractor went out of business in 2011.

Starwood's Aloft brand has has more than 75 hotels in 14 countries. It will be Louisville’s first Starwood property.