Paducah, KY – Paducah City Commissioners approved an ordinance to buy the Executive Inn from mortgage-holder Logan Asset Backed Fund for $1.8 million. It also voted to acquire the land the hotel sits on from the Paducah-McCracken County Convention Center Corporation. Paducah Mayor Bill Paxton led the commission in applause after the vote passed.
"It would have been easy to have played politics with this decision, but we didn't do that. We stuck together and we made decisions on what was best for the city as a whole. So, good government is important," Paxton said.
The city will take out a $6 million bond to pay for the hotel, among other purchases. The hotel has been closed for about 14 months and has hindered the city's tourism industry, which sustains some 3,000 jobs and has an economic impact of over $200 million annually.