Article by: Cris Gastner
The City of St Charles has taken another key step toward the development of a new hotel to anchor a new Hospitality Center project in the Chattanooga Industrial Park in St Charles.
At the direction of the City’s EDA, CEDA Senior Vice President Cris Gastner who serves the City of St. Charles and St. Charles City Administrator Nick Koverman worked with Hospitality Consulting Group to complete an update of the community’s hotel feasibility study. This independently completed study will provide valuable information to the potential developers of the project.
Gastner and Koverman have been working very closely with Steve Hedberg and Jim Kelley from HK Hospitality Management, LLC on this project in 2017 when the City and HK signed a letter of understanding for the exciting development project. The preliminary information provided by the report has been viewed very favorably by the development team. “The draft information in the report validates the developers’ financial proformas,” Gastner stated, “The fact that an independent agency’s report has reinforced the group’s positive outlook on the site will help them secure the best financing partners for their project.”
HK Hospitality is working on a large-scale development project that would include a nationally branded hotel and conference center along with a restaurant and convenience store on a site in St. Charles’ Chattanooga Innovation Park on Interstate 90.
The feasibility study will be formally accepted by the St. Charles EDA and City Council later in January.