DES MOINES, Iowa (AP) – Polk County’s board of supervisors has agreed to loan nearly $30 million in additional financing to build a convention hotel attached to the Iowa Events Center in downtown Des Moines.
The Des Moines Register reports that officials voted for the loan on Wednesday. The board will loan up to $29 million through a partnership with Bankers Trust to kick-start construction on the $101 million hotel project, which will be managed and operated by Hilton.
Bankers Trust has created a subsidiary company that will buy the hotel after its expected completion in 2018.
The Iowa Events Center is owned by Polk County and operates on gaming revenue collected through gambling profits at Prairie Meadows casino.
Information from: The Des Moines Register, http://www.desmoinesregister.com
Copyright 2016 The Associated Press
