Indiana News

Evansville Hotel Deal Collapses with Bank Pullout

EVANSVILLE, Ind. (AP) – A deal to build a convention hotel in downtown Evansville has collapsed and taken down a $71.3 million plan that also included an apartment tower, parking garage and infrastructure upgrades.

Mayor Lloyd Winnecke announced the development at a Thursday news conference with Old National Bank President Bob Jones.

Jones says a consultant to the bank found the value of naming rights for the convention hall long known as The Centre isn't worth the money the bank was prepared to invest in the project. The Evansville Courier & Press reports (http://bit.ly/13hKl4D ) the financing gap came to $6.5 million.

The bank last year pledged to be an investor along with developer HCW after the City Council set a $20 million cap on public financing. 

Winnecke says he'll keep working on the project.

  ___
  Information from: Evansville Courier & Press, http://www.courierpress.com

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