Frequently Asked Questions: Redevelopment of the Millennium Hotel

Fact Sheet - Horizontal

What is The Port’s involvement in the Millennium Hotel?

The Port will take ownership of the Millennium Hotel in February 2020. The Port is working in concert with Hamilton County, Convention and Visitor’s Bureau (CVB), Cincinnati Business Committee (CBC), and the Cincinnati Regional Business Committee (CRBC) on what will replace the old Millennium Hotel to best serve Convention and Hotel needs of the region.

 

What other groups are involved in the project? 

Convention and Visitor’s Bureau (CVB), Convention Facilities Authority (CFA), HVS, PFM, Turner Construction, and Elevar Design Group.

 

When will studies be done? 

The original HVS study is complete.  We are working on cost estimates as we evaluate different programming options.

 

Why is there movement on this deal before studies are done, and a clearer plan in place?

The Hamilton County Commissioners have made a policy decision to close on the purchase and demolition of the hotel while future development options are evaluated.

 

Who makes that determination or decision on which plan will be adopted after all studies are completed, what is that process and timeline?

The ultimate decision on how to proceed will be made in partnership with the County, City, CVB, CBC, CRBC, CFA and 3CDC.  We hope to have a timeline by the conclusion of demolition.

 

Why decide to go TOT backed bond route for financing?

Hotel tax proceeds are an ideal and practical source to help finance this project which is a critical path towards improved Convention Center and hospitality activity. Since this source of financing is tourism funds, this solution avoids placing a burden on the local taxpayers.

 

And what’s the timeline for the project now after the February 14 closing date? 

Initial preparation for demolition will begin in March and likely take twelve months to complete.

 

A brief timeline, 1968 – 2020:

  • March 2020 – (anticipated) Demolition begins while studies are completed, and redevelopment plans developed. Demolition could take up to a year.
  • February 14, 2020– Date The Port anticipates closing on the purchase of the Millennium Hotel.
  • January 2020 – The Port Board and CFA approve up to $59 million in TOT (Transient Occupancy Tax)-backed bond issuance to acquire and demolish the hotel and then secure the site.
  • 2019– Multiple studies begin on due diligence and to evaluate the feasibility of different redevelopment schemes. Studies focus on the number of beds needed in a new convention center hotel and whether redevelopment should include an expansion of the convention center.
  • 2019– The Millennium owners enter into a purchase agreement with Vandercar Holdings. The Port is brought in by Hamilton County and acquires the purchase rights for the Millennium Hotel.
  • 2018-2019 – The City of Cincinnati, Hamilton County, CVB, 3CDC, and The Port explore options for a new, convention center hotel. 3CDC and The Port release an RFP for a new hotel on a Port-owned site to the south of the Convention Center.
  • 2005-2018– The hotel consolidates both towers under the Millennium Hotel Cincinnati name. An influx in construction of new hotels and renovations of existing hotels pique concerns from regional leaders at the lack of investment in the Millennium.
  • 1975-2005– The hotel changes ownership multiple times, becoming the Clarion Hotel and Royal Hotel before acquisition by Millennium Hotels and Resorts. When Millennium acquired the hotel, they franchised the south tower to Starwood as The Four Points by Sheraton Cincinnati Downtown. The north tower became the Millennium Hotel Cincinnati.
  • 1975– Stouffer’s adds second, 32-story tower to the site with a restaurant at the top level – The Top of The Crown, which opens in 1978.
  • 1968– The hotel, operated by Stouffer’s, opens the podium and first 22-story tower at the 150 W. 5th Street Site.

 

How do I Get More Information about the Project?

Updates will be posted on The Port’s website at www.cincinnatiport.org.


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