A $33-million, 12-story Hilton Garden Inn is could be coming to for downtown Iowa City, but may only come to fruition if the city delivers financial assistance to the project's developers, North Liberty, Iowa-based Kinseth Hospitality, which submitted plans to the city to build the 144-room hotel, reports the Iowa City Press-Citizen.
The hotel would reportedly be built in Iowa City's emerging Riverfront Crossings district, and include a meeting and event center, as well as a rooftop food and beverage venue.
The project would mark the first nationally branded hotel to open downtown since the Sheraton—originally a Holiday Inn—was constructed in 1984, the Press-Citizen writes.
"We've worked long and hard on a plan for this site and to get a good hotel downtown," said Ben Kinseth, director of operations and asset management. "We've always believed the site is a phenomenal site for a hotel, and the downtown market is underserved."
The site is across the street from the new University of Iowa School of Music, which is currently under construction and set to open in 2016.
The developers hope to break ground on the hotel in the fourth quarter of this year and open in mid-2017.
Kinseth first announced plans in 2012 for a dual-branded hotel at the Clinton Street site that would have housed both a Holiday Inn and Staybridge Suites, but the company eventually scrapped the idea because of the space constraints of the site.
Kinseth Hospitality, which estimates the hotel will cost $33.2 million to develop, is requesting $8.8 million in financial help from the city to fill a gap in its financing.