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Hotel Topeka under contract; city, buyer expect renovations and CID to help recoup costs
Summary
City officials announced Hotel Topeka is under contract with Endeavor Hotel Group; the Topeka Development Corporation approved a sale agreement and the city is exploring a Community Improvement District to help cover operating and purchase costs. Closing could occur by next June, after a 120-day due-diligence period and a 60-day closing window.
City Manager (unnamed) announced that Hotel Topeka is under contract with Endeavor Hotel Group and that the Topeka Development Corporation approved a sale agreement last week. "At this point, we have 120 day, due diligence period and then another 60 days, for closing," the City Manager said, putting a potential completion date between now and next June.
City leaders said the buyer, identified in remarks as Mr. Arnold and represented by Endeavor Hotel Group of Wichita, intends to renovate the hotel and the adjacent…
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