A meeting to discuss building a new hotel in Prescott took place Wednesday evening at City Hall.
The plan calls for building a three-story, 50 to 54 room Americinn Hotel at either one of two sites in Prescott, where the current River Heights Hotel is or on an open patch of land on Orrin Rd. next to where the future Dollar General store is currently being build.
The hotel development group, "Team Prescott" which includes developers, engineers, a mangement company and a building company, wants local investors to put up a 30% equity stake in the project before going to local banks to get financing for the rest of the project which is being estimated at costing some $5.4 million, including demolition of the former River Heights Motel if its site is chosen.
Michael Linder, who heads up "Team Prescott" from the Hotel R&D development group says the Prescott market is ripe for a hotel. He cites figures done from a 2014 study commissioned by the city showing such a hotel can do very good business.
"We have an area where there's limited competition and high demand, especially in the summer from tourists and other travelers," Linder said, "along with having a corporate base to be able to have good business during the week."
Once the 30% equity is raised, construction will begin in the fall to be finished by April the following year.
For more on this story read next week's print edition of the Prescott Journal, on newsstands Wednesday.