Aparium Hotel Group to develop The Hotel Covington
COVINGTON, Ky.—Aparium Hotel Group announced a partnership with the Salyers Group and the City of Covington to develop and manage The Hotel Covington. The project represents the first development and management contract of the newly formed company by hotel veterans Kevin Robinson, Mario Tricoci and Tim Dixon. READER COMMENTS
“This property ideally suits our commitment to delivering Translocal Hospitality in urban markets,” said Mario Tricoci, CEO of Aparium Hotel Group, in an announcement. “The Hotel Covington will draw inspiration from the local culture and cultivate a following through a sense of civic pride and exciting food & beverage.”
Headquartered in Covington, The Salyers Group is a diversified investment company, which owns more than $12M in local real estate holdings.
The City of Covington, under the leadership of Mayor Chuck Scheper, will invest the 102-year-old former Coppin’s Department Store building, now home to City Hall and state offices, to the project. By reimagining the historically designated building into an approximately 107-room hotel, this significant project is certain to become the springboard for development in Covington’s downtown business district.
The $25M project is expected to create approximately 125 jobs and foster economic development. The Hotel Covington represents the first project of the Catalytic Development Funding Corp. of Northern Kentucky, a private sector, not-for-profit organization providing financing assistance and related services for developers of quality residential and commercial real estate projects in Northern Kentucky’s urban cities.
In the coming months, the ownership group will pursue financial incentives to supplement conventional financing including Federal and State Historic Tax credits, economic development and tourism tax credits and other financial incentives. “These enhancements are designed to help developers bring transformational projects to communities,” said Tim Dixon, a partner of Aparium Hotel Group and the CEO of its development partner, Fe Equus. “Covington is at the cusp of redevelopment but needs a major infusion of traffic and commerce which a hotel and high-caliber restaurant and bar can deliver if done right.” Dixon, who owns and developed The Iron Horse Hotel, an award-winning 100-room property in Milwaukee, Wisconsin, said at a news conference today at Covington City Hall that the property closely parallels the opportunity to create a destination hotel in the city.