The sale of a still unfinished hotel in downtown Butler has been completed.
The sale of the Marriott Springhill Suites on East Jefferson Street to Hari Hotels, LLC for a purchase price of $7.3 million was finalized last week.
The structure was sold by several owners including developer J.S. Capitol and the Butler Area Development Corporation, which is affiliated with the Redevelopment Authority of the City of Butler.
A portion of the proceeds from the sale will go towards paying back creditors that helped with funding the project- including a $2 million loan repayment to PNC Bank. The Redevelopment Authority has been reimbursed a total of $182,000 for expenses it incurred related to the construction.
The hotel is still under construction and it’s unclear when it will officially open. It was built as part of downtown Butler’s Centre City Project, that also included the parking garage next to the hotel and the Rite Aid on the next block.
Written By: Ryan Saeler for the Butler Radio Network
