The hotel still under construction in downtown Butler has been sold for $7.3 million.
Art Cordwell of the City of Butler Redevelopment Authority announced the sale during Tuesday’s Butler City Council meeting as part of an update on the project. The buyer was not named.
J.S. Capitol is the developer and main stakeholder in the project but there are other investors, including the city Redevelopment Authority who has a 25 percent stake. All have agreed to the sale and signed an agreement.
Following the close of the sale, investors will receive any money left after the contractors and other expenses are paid.
Despite the sale, the hotel will remain a Marriott SpringHill Suites. It was constructed as part of the Centre City Project, which also includes a parking garage and new Rite Aid.