LIBERTY - A specific timetable for construction on a new Belmont Avenue hotel is expected to be announced this week, according to township officials.
Township Trustee Stan Nudell plans to meet with investors later this week to finalize building plans on a $10 million, 87-suite Comfort Inn on the old Ramada Inn property.
Investors have been hammering out the deal since last September, when the purchase was initially announced.
"We ran into some complications, as always when you're dealing with something this large with this many investors," Nudell said Friday. "We feel like everything is cleared now, and we will have a better idea of when construction will begin after I meet with them (this) week."
The investment is being spearheaded by Liberty resident Dr. V.C. Perni, along with several other doctors and Radius Hospitality, which will be a 30 percent owner.
Radius president Scott Yeager runs the Boardman Holiday Inn, and Radius will manage the new hotel.
"Obviously, this partnership includes a number of people," Nudell said. "It took a little longer than we thought to get everything together, but it's going to happen."
The facility will sit on 9 acres at the rear of the property and will include a 500-seat banquet facility along with 87 suites.
The Ramada Inn closed in 2001 and the property has been vacant since 2008, when the building was demolished.
The close proximity of the property to Interestate 80 makes it one of the most desirable locations in the area, officials said.
Other companies had expressed interest in purchasing the property over the years, including Home Depot, but the economic downturn prevented the deal from coming to fruition.
Nudell said a meeting with investors will happen later in the week, likely Thursday.
He said more information will be available at that time.