The new owners plan to spend $15 million on renovation and improvements.
Built in 1911, the historic hotel completely closed in 1988 leaving downtown with only one hotel.
The city bought the Skirvin and put together incentives that ultimately led Marcus Hotels of Milwaukee to renovate and reopen the hotel in 2007.
According to Kenton Tsoodle, President of the Alliance of Economic Development, the transaction ends a mortgage and ground lease held by the City of OKC which will receive $14.2 million of the sale proceeds.
Previously, revenue from the lease and mortgage was pledged toward incentives given to the Omni Hotel project and it's likely this lump sum will be allocated for the same purpose.
A far cry from the depths of the 1990s, the downtown area now offers over 20 hotels with several more planned.
To see a full list of current and planned downtown hotels, see our comprehensive summary here: Downtown Hotel Summary.
