Hotel Seagate to become a dual-branded Hilton property.

Lucas County today announced a nearly $30-million investment into the former Seagate Hotel with plans to transform the property into a 200-room hotel dual-branded as a Homewood Suites and Hilton Garden Inn.

80% of the rooms will be used for the extended stay lodging under the Homewood Suites umbrella.

Developers plan to convert the ground-level of the 19-story building at 127 N Summit into a restaurant, lounge, and patio area.

Lucas County Economic Development Corporation retains ownership of the property for five years, at which time Key Hotel and Property Management may purchase the property through assumption of remaining debt and a $1-million payment to Lucas County.   Commission Pete Gerken says the structuring of the financial arrangement is similar to deals made with Huntington Center and Fifth Third Field.

Approximately $500,000 in annual revenue is projected from the new hotel project through hotel-motel tax revenue; along with an additional $100,000 potential each year in food and beverage sales taxes.

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