21C Museum Hotels buys Lexington's First National building

George Sell George Sell Uploaded 01 October 2012

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US: Operator to convert historic Kentucky building in to 80-room boutique hotel, its fourth property.

21C Museum Hotels paid $3.1 million for the 100-year old building, on Lexington's West Main Street, and will convert it in to an 80-room hotel with a restaurant, bar, meeting rooms, ballroom and an art museum.

21C is compiling a finance package for the $38 million project, much of which will be private. Craig Greenberg, president of 21C Museum Hotels, said: "We're really excited. It's a great building. We're excited to re-energize the building and participate in the great revitalization in downtown Lexington."

"We are moving as fast as we can, and we want to start construction as soon as we can. But there are still a lot of pieces to put into place, particularly as it relates to support that we need to make the project a reality," Greenberg said, adding that the company had also applied for state funding and tax credits for the build.

The Lexington property will be the fourth 21C Museum hotel. The first is in Louisville, a second is due to open in November in Cincinnati, in the historic Metropole Hotel building; and a third opens in Bentonville, Arkansas, in January.

www.21cmuseumhotels.com

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