Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Plaza Core Hotel LLC. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Plaza Core Hotel LLC was incorporated in 2007 by majority owners Mr. David Patel and Mr. David Kozar. Patel and Kozar also formed Indus Hotels, a Columbus-based company, in 1997 which oversees the management and development of hotel projects through franchise agreements with Hilton Hotels, as well as operating two independent hotels which they branded themselves as The Varsity Inn.
Plaza Core Hotel LLC is proposing to invest approximately $20,440,000 for improvements to the existing building located at 3110 Olentangy River Road, resulting in the renovation of nearly 153,000 existing square feet and the addition of approximately 5,500 square feet. This property is currently known as the University Plaza Hotel & Conference Center, but is planned to be converted by the company into a full-service hotel, the Columbus Marriott OSU.
Like other Indus properties in this area, the newly-renovated Columbus Marriott OSU will be conveniently located close to The Ohio State University, Riverside Methodist Hospital, Battelle, Downtown Columbus, Short North Arts District, prime shopping, entertainment and dining and select property amenities.
The hotel will be completely renovated and refurbished. Plans include the addition of a new indoor pool, first floor fitness center, concierge level, and a guest business center. All of the meeting space is anticipated to be completely remodeled and a new ballroom will be added, giving the property a 6,600 square foot dividable main conference room/ballroom and a 4,400 square foot dividable second conference room/ballroom. Enhancing the meeting space will be a 700 square foot boardroom and additional meeting rooms bringing the overall meeting space to 20,000 square...
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