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Council approves first reading to extend Hotel Aiken due-diligence period
Summary
Council approved a first-reading ordinance authorizing a supplement to the sale agreement for the Hotel Aiken redevelopment to extend the due-diligence period after lenders indicated financing work would delay closing until August 2026.
The Aiken City Council unanimously approved first reading of an ordinance authorizing a supplement to the sale agreement tied to the Hotel Aiken redevelopment and associated properties to extend the due-diligence deadline.
Staff described the project as complex, involving financing and tax-credit work. A staff representative told council a lender indicated it would not complete its work in time for the original closing date and that the parties currently expect a closing in August 2026. The ordinance would allow more time for due diligence so financing can be finalized.
Council moved, seconded and approved the measure on first reading; staff indicated the item will return as needed as the financing process continues.
