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Mon May 19, 2014
Hilton Enters Franchise Agreement for Paducah Hotel
The Paducah Riverfront Development Authority signed a Franchise Agreement with Hilton Worldwide to build a 121 room, seven story Hilton Garden Inn. The announcement comes months after PRDA Executive Director Steve Doolittle's initial estimate. The long planned hotel will connect to the Julian Carroll Convention Center by a bridge over the floodwall.
Middle-Tennessee Hotel Developers, Senate Hospitality Group, reports in a press release they have obtained a first mortgage on the $19.2 million project from Independence Bank.
“The Hilton Garden Inn will create 70 new local hospitality jobs, spur $115 million in local economic activity during the first ten years of the hotel’s operation, and provide much-needed relief for the lack of a headquarter hotel at the convention center... The primary goal of the project is to build a local business that brings new economic and tourism opportunities to the Commonwealth of Kentucky from surrounding states.”
According to the Paducah City website, the city will see 96% of its investment returned within the first 12 years of the hotel’s operation. Though the hotel is scheduled for completion in the second half of 2015, it may not be open for guests in time for the American Quilter’s Society QuiltWeek.