CINCINNATI - The city of Cincinnati has reached a deal with SREE Hotels, LLC to convert the historic Enquirer building on Vine Street into a new hotel.
Cincinnati's Budget & Finance Committee voted to use the former office building s a 238-room hotel with 12,000 feet of retail space. According to the company, 35 full time jobs, 20 part time jobs and 80 temporary construction jobs will be available as a result.
“It is always great when we can preserve and restore one of our historic, old buildings in Cincinnati,” said Mayor Mark Mallory. “The deal also illustrates the increasing demand for more hotel rooms in Cincinnati. We have been focused on creating providing a great visitor experience for all of our guests, and that is paying off with increased tourism and convention business.”
The building was built in 1926 to house the operations of the Cincinnati Enquirer. In 1985 it was placed on the National Register of Historic Places. The Enquirer moved from the building in 1992. Since then it has been used in various ways, but was vacated from 2007 to 2010.
A Community Reinvestment Area LEED Tax Exemption Agreement will be executed with SREE, once it is approved by city council. SREE is a North Carolina-based company that is seeking a 12-year 75 percent exemption on the increased tax value of the property. The Community Reinvestment Area LEED Tax Expemption Agreement will reduce expenses and promote compliance with Leadership in Energy and Environmental Design Certified, Silver, Gold, or Platinum standards, according to a news release.
“City government continues to strike deals that put people to work and helps our tax base,” said City Manager Milton Dohoney, Jr. “This deal and coupled with the renovations at the Hyatt help to build our capacity for bigger and bigger convention and meeting business that in turn help our economy.”
SREE Hotels, LLC plans to open the hotel by 2014.
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