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With plans firmed up and financing nearly finalized, Akron and its eponymous university are closer to getting a new boutique hotel that backers say will reactivate an important part of campus while giving the school and city some much-needed high-end lodging.
The slated conversion of the former University Club and Martin Center into the Martin House hotel also will put a little money into the University of Akron's coffers from an initial lease payment and, if all goes as planned, with ongoing income from the hotel's profits.
"We're moving along. I hate to say this, because I have no wood to knock on in this car, but we're on schedule," said Tom Chema, chairman of Cleveland's Gateway Group.
Gateway is partnering with Paran Management, also of Cleveland, to do the project for about $20 million, according to the two entities.
By "on schedule," Chema means he and Paran CEO Joseph Shafran expect to close on financing and begin construction early in 2020, with some of the hotel open by the end of next year and rooms available by early 2021.
"We're hoping that in about a year from now, for the holiday season, we'll have some of the restaurants and catering operations going. Then, in February (2021), we'll do a soft opening and start opening some of the hotel...