The Greensboro Redevelopment Commission agreed to sell 2.8 acres of South Elm Street redevelopment land to the Ole Asheboro Association, a nonprofit that hopes to turn the site into a 200-room hotel with the help of a developer.
…the city staff raised questions about the project’s viability that will have to be answered before the proposal becomes reality. A city-commissioned marketing study found that the proposed $200-per-room rate — and upward of 70 percent room occupancy expected by the developer — was not feasible.
Bridge Chisholm, partner in Urban Hotel Group, disagreed with the findings. If the sale moves forward, the city would enter into an agreement that would require the developer to provide conceptual plans for the hotel, financial commitment and proof of a commitment from a hotel franchise.