After the City of Urbana entered into a Letter of intent with new developers to transition Urbana’s Landmark Hotel into a Hilton Tapestry Collection, news was issued today by the City that the hotel has been sold to Icon Hospitality.
The group will redevelop the hotel into the Hilton Tapestry Urbana Landmark Hotel as initially discussed back in May. You can read the whole press release below:
URBANA LANDMARK HOTEL SOLD
The City of Urbana is pleased to report that a major change in Downtown Urbana was set in motion yesterday with the purchase of the Urbana Landmark Hotel by Icon Hospitality.
The terms of the City’s redevelopment agreement with developer Sam Spiritos and associates calls for a $15 million historic renovation of the Urbana Landmark Hotel within the next two years.
“Icon Hospitality is excited to begin developing the Hilton Tapestry Urbana Landmark Hotel. We aim to develop the hotel into the premier upscale hotel in the Urbana-Champaign area while maintaining its distinct historic elements. We hope that our full-service hotel will become an essential pillar of the community with our illustrious banquet space, unique restaurant/bar concepts, and state of the art guest rooms,” Spiritos said.
Mayor Diane Wolfe Marlin said that this renovation of the hotel into a Hilton Tapestry will represent the biggest reinvestment in this critical property in over 35 years.
“This project is the first step in the transformation of the 16 acre Lincoln Square site,” Marlin said.
For more information about the City of Urbana, please visit www.urbanaillinois.us.
Top Image: Urbana’s Landmark Hotel, view of the peak of one side of the building, featuring white siding and brown edges throughout. The sky is blue in the background. Photo by Justine Bursoni.