The Columbus Regional Airport Authority is in contract to pay $1 million for one of the five hotels that sits on property leased from the authority adjacent to Port Columbus’ terminal building.
The purchase of the Concourse Hotel must be approved by the airport authority board at its meeting on Tuesday, said Robin Holderman, real-estate chief for the authority.
The Concourse, built in 1988, is the oldest of the five hotels formerly owned by Dublin-based Platinum Ridge Properties, and it sits closest to the terminal.
All five were put up for sale in early 2009, with the owner seeking rent concessions after it fell behind on rent and tax payments.
Platinum Ridge paid original developer Don Kenny $29.5 million for the five hotels in 2005.
The Concourse is owned by an affiliate of lender WesBanco, based in Wheeling, W.Va.
Owners of the other hotels have contacted the airport authority about the authority possibly buying them, but those discussions have not reached an advanced stage, Holderman said.
The airport wasn’t looking to get into the hotel business, he said, but “this was frankly too good a deal to pass up.”
He said the airport authority has not decided whether to continue operating the hotel or look at a different development opportunity on the site.
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