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Topeka Development Corporation approves sale of Hotel Topeka to Endeavor Hotel Group
Summary
The Topeka Development Corporation voted to approve a purchase-and-sale agreement to sell Hotel Topeka to Endeavor Hotel Group LLC, with a stated $1 million purchase price, a 120‑day inspection period and a 60‑day close window; the vote was 9‑0 and public comment included sharp criticism of the selection process.
The Topeka Development Corporation on Dec. 16 approved a purchase-and-sale agreement to sell Hotel Topeka to Endeavor Hotel Group LLC, clearing terms that include a reported $1 million purchase price on execution, a 120‑day inspection and due‑diligence period and up to 60 days to close after inspections.
Deputy City Manager Braxton summarized the agreement and asked the TDC to approve the material terms. He said the inspection period will allow the buyer to provide a construction scope and project budget for staff review and that the city will evaluate whether the buyer’s scope is “commercially reasonable” before finalizing the transaction. Braxton said the city will retain proceeds from the…
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