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June 16, 2017
REDMOND, Ore. (AP) — Redmond city leaders have agreed to spend $1 million on the renovation of a historic downtown hotel.
KTVZ and The Bulletin newspaper report that California investment firm Alpha Wave plans to fund the rest of the $5.25 million project.
The 43,500-square-foot New Redmond Hotel is one of the city's largest buildings. Built in the 1920s, it's one of three Redmond buildings listed on the National Register of Historic Places.
The second and third floors have 48 rooms that have been vacant for more than a decade. The ground floor is occupied by three businesses.
Alpha Wave CEO Ken Cruse says his investment group is intrigued by the hotel's location and significance. His vision is to create a hip, boutique hotel with a room-rate of $120 per night.
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