Hotel Covington deal closes, sets opening for summer 2016

The Salyers Group and partner Aparium Hotel Group of Chicago completed the real estate and financial closing this week for the $21.5 million Hotel Covington project. The boutique hotel and upscale restaurant, bar and patio at 638 Madison Ave. is set to open in the summer of 2016.

“Today the Hotel Covington project officially shifted from a dream to reality,” Guy Van Rooyen, president of Salyers Group, said in a news release. “This project will not only generate new jobs within the urban core, but it will accelerate the transformation of downtown Covington.”

Funds for the project come from a combination of private equity, government-issued bonds, historic tax credits and bank financing provided by First Financial Bank.

Demolition work started at the building, which was originally home to Coppin Department Store and later served as Covington’s city hall. Construction work is expected to start in the next month.

Read the full Cincinnati Business Courier story here.