Buyers interested in Thompson Hotel
WORTHINGTON - There are now three parties interested in purchasing the Thompson Hotel for renovation, according to Worthington's Director of Community/Economic Development Jason Brisson.
One potential buyer would need limited city participation financially, Brisson said Wednesday during a special meeting, and the main focus would be on making the units safe and livable. Rents after renovation would not be much higher than they are now. Another party interested in the building would require substantial city participation, Brisson explained, and the final product would be capable of commanding some of the highest rent in the city.
The city would have to take a look at total costs and the potential return on investment before making a decision whether or not to participate, he said. And one thing to consider is that the safe and livable route would happen much faster than the high rent option.
The city does not own the Thompson Hotel, so offers need to go through the receiver, which in this case is Lighthouse Management. According to Administrator Steve Robinson, it may very well be a first come-first served basis as the company has made clear their desire to be out from under the property.
All three parties have indicated that getting the roof on the building fixed would be a high priority, and according to Robinson, all three have long-established business and local banking relationships.