Todd Canter, a former Asia Pacific chief executive officer for LaSalle Investment Management Securities, proposed River Bend Hotel, a 26-room boutique hotel with a rooftop bar, fitness center and meeting space in Ashtabula, Ohio.
The four-story hotel will be built on the corner of West Sixth Street and Goodwill Drive, overlooking the Ashtabula Lift Bridge and Lake Erie.
The $5 million project is planned to receive a $3.1 million loan from Erie Bank and will be further financed by public funds from Ashtabula city and the Ashtabula County 503 Corporation.
Jim Timonere, city manager of Ashtabula, said in a statement, “This hotel development is a significant milestone in Ashtabula history. In 2017, tourism to Ashtabula County alone generated roughly $451 million in sales, up $17 million from 2013 and up almost $100 million since 2009.”
The 25,000-square-foot River Bend Hotel is the first hotel to be built in Ashtabula since 1920.
“Our plan is to develop a new property that will accommodate and round-out the needs of tourists to Ashtabula,” Todd Canter, project manager and co-owner of River Bend Hotel, added.
Vulcan Development plans to break ground on the hotel by March 2019 with delivery slated for the first quarter of 2020.