From Crain's Akron Business: The pandemic's stranglehold on the hospitality industry quashed plans by the Gateway Group and Paran Management to finance the conversion of the site into a luxury hotel, at least for now. Meanwhile, the property has been listed for $1.3 million.
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Akron s Martin House hotel conversion on hold for now
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Developers still hope to convert the Martin Center at the University of Akron into a high-end boutique hotel, despite the project losing a significant lender.
A major hotel project in Akron has become a victim of the COVID-19 pandemic, at least for now.
The planned $21 million hotel conversion of the Martin Center on the campus of the University of Akron lost its financing last year when its senior lender pulled out of the deal, and the project has yet to find a new lender willing to replace it, said Tom Chema, chairman of Cleveland s Gateway Group.