Two bond issues totaling $39.5 million toward redevelopment of a downtown Toledo Ohio Park Inn Hotel into two Hilton-branded properties were approved by the Toledo-Lucas County Port Authority’s board of directors. The financing package includes $30 million in lease revenue bonds to assist a public-private partnership in acquiring and renovating the Park Inn and SeaGate Convention Centre. The project developers are Continental Real Estate Companies and First Hospitality Group, Inc. The Park Inn project is estimated to cost a total of $64.5 million, and along with renovating the building into a 216-room Hilton Garden Inn and 93-room Hilton Homewood Suites and also includes adding a ballroom to the convention center, moving the center’s parking-garage entrance to Monroe Street from its current location on Summit Street, and a 120-seat restaurant. Continental Real Estate will complete the renovations which is expected to start late this year and be finished by the spring of 2022. First Hospitality, will manage the two Hilton properties.
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