Financial Situation and City's Efforts to Sell:
- The city has been actively looking for buyers for Hotel Topeka, but has not been successful in finding a buyer.
- The city has invested over $10 million in the hotel, including the purchase and renovations.
- The city expects a net operating loss of nearly $900,000 in 2025.
- City leaders aim to sell the hotel by the end of 2025.
- The city has been exploring various options to recoup the investment, including economic development grants and tax breaks.
- The city has requested additional funding for the hotel, which was approved by the Topeka City Council.
Hotel Topeka's Condition:
- The hotel is considered a "distressed asset" and has been losing money.
- The appraised value of the hotel has remained at $3 million since the city purchased it.
- Multiple developers have said it will take at least $15 million to renovate the hotel to become a flagship hotel.
