City of Bryan Sells LaSalle HotelFeatured Stories, News Wednesday, July 10th, 2013
The historic LaSalle Hotel in downtown Bryan has a new owner.
City officials Wednesday announced the sale to local developer Paul Clark’s Hospitality Group.
The $2.6 million dollar sale price allows the city to pay off its current loan.
And returning the LaSalle to private hands means property tax revenue for the city, county, and school district.
The hotel was purchased in 1996 for $6 million dollars then renovated as part of downtown revitalization efforts.
The city took out a $3.2 million dollar loan that was matched by $1.1 million in historic tax credit equity and $1.7 million in bank financing.
After more than 20 years of being vacant, the 55 room hotel reopened in September 2000.
Ten years later there was a $638,000 dollar facelift, leading to a reopening in March 2010.
While the city owned the property, a private management firm was hired to operate the LaSalle. Each of the last two years, the city received more than $125,000 dollars from hotel operations.
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