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Wichita City Council Providing $25 million in Industrial Revenue Bonds for Drury to Buy
 and Renovate the Bankrupt Broadview Hotel; Property Would Re-open as
 Top of the Line Drury Plaza Hotel

By Brent D. Wistrom, The Wichita Eagle, Kan.McClatchy-Tribune Regional News

August 27, 2008 - THE HISTORIC -- and bankrupt -- Broadview Hotel may soon have a new owner.

Wichita City Council members paved the way Tuesday for Drury Southwest Inc. to buy the hotel with a finance package that will allow the nationwide company to remodel every room.

Renovations to the hotel could cost up to $19 million and probably would require it to close temporarily. Once it reopened, it would be a top-of-the-line Drury Plaza Hotel.

Under the letter of intent, the city would give Drury up to $25 million in industrial revenue bonds to buy the hotel for $6 million. The remainder would be used for renovations.

The letter also gives Drury management of the city-owned parking garage across Waco Street and allows the company to buy the garage after five years for $800,000. It will remain open to the public.

Council members Jim Skelton and Paul Gray opposed the deal after questioning property tax abatements for the company.

The City Council will have to vote on each aspect of the finance package in coming months.

Reach Brent D. Wistrom at 316-268-6228 or bwistrom@wichitaeagle.com.

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To see more of The Wichita Eagle, or to subscribe to the newspaper, go to http://www.kansas.com.

Copyright (c) 2008, The Wichita Eagle, Kan.

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