A deal is in the works by an out-of-town investor to possibly purchase, renovate and rebrand the Radisson Hotel in Covington, known for its distinct architecture and revolving restaurant.
Miami-based GenX Capital Partners informed LINK nky this week that it was heading up a deal with an unknown buyer to renovate the building into a Hard Rock REVERB hotel, a relatively new hospitality line from the well-known company of hotels, restaurants and casinos.
The REVERB brand currently has two locations in Atlanta and Hamburg, Germany, with more under construction in the United States and internationally. The potential acquisition and rebranding would require extensive renovations to the building.
Mark McClure, a managing director with GenX Capital Partners, said in an email to LINK nky that his company is working to provide much of the financing for the buyer group, which “prefers to remain behind the scenes for now.”
McClure said the goal was to close the deal around Christmas, at which point a seven-to-nine-month renovation process could begin. The renovation would take place floor by floor, so most of the hotel could remain open during the process. The project is expected to cost $27 million.
“We see a significant opportunity to build on this hotel’s landmark status and give people compelling reasons to visit — whether they are staying overnight, attending an event or coming in for dinner and a night out,” McClure said.
McClure included a branding packet in his email with renderings and information on what the final product could look like. Notably, the packet teases to a possible partnership with the promotion company of former professional boxer Lennox Lewis for one to two fights in the hotel’s ballroom a month. McClure also said the plan includes the potential for live music, comedy shows, open mic nights and a completely redesigned lobby.
The packet also indicates the hotel is meant to augment the Hard Rock Casino across the river, which currently has no hotel space.
As for the revolving restaurant, the Eighteen at the Radisson, McClure said the “final concept and entertainment programming are still being developed, but our vision extends well beyond a menu refresh.”
Chicago-based Atira Hotels has been brought on to manage the hotel and the renovation’s general contracting. Atira will also provide a portion of the equity investment. Atira Hotels currently manages 21 hotels in 12 states, according to the company’s website.
