The vacant Ramada Plaza in downtown Macon has been sitting empty for more than two years but that may soon change.
Canadian real estate developer, Rupiner “Ruby” Sangha, wants to buy the 16 story building with its $3.1 million price tag and turn it into a Park Inn by Radisson. For the last year and a half Sangha has been in a lease with an option to buy the hotel. In that time, he’s started renovations. His attorney, Blake Lisenby, a partner with Sell & Milton said Sangha has wanted to purchase the hotel but has faced some challenges.
"Financing has been very difficult to acquire in this economic environment, especially for a vacant hotel," Lisenby said.
However, the Macon-Bibb Urban Development Authority is helping him out by arranging financing for the hotel sale through bonds, of up to 9 million dollars.
“Because we can issue bonds, bonds financing probably going to be the way to go on this project as opposed to conventional bank financing,” Macon-Bibb Urban Development Authority President Chris Sheridan said. “We can get a better rate and offer some better terms."
Sangha is spending $2 million of his own money and plans on putting more than 5 million dollars into the renovation costs from the bond financing Lisenby said.
If the finances work out, Lisenby said Sangha wants to buy the hotel in the fall and open it at the end of the year.
Created: Fri, 24 May 2013 05:53:22 EST
Updated: Fri, 31 May 2013 10:04:30 EST