- Type of Opportunity: Investment or limited partnership in the Gibson Hotel project
- Opportunity ID: (TSEO 2022-09)
- Posting Date: September 12, 2022.
- Closing Date: November 12, 2022
Description of Opportunity
The Gibson Hotel development team is seeking local investors or limited partners for their planned restoration and redevelopment of the Historic Hotel Gibson in Downtown Tiffin into an upscale boutique hotel. The team has established a concept that embraces and incorporates the dramatic features already present on site such as the skylight and original staircase. Currently built with 40 rooms across three floors, the new Gibson Hotel concept will feature 25 enlarged rooms and suites. In addition to the lobby and lounge on the first floor, the project will have two spaces available for lease to local entrepreneurs. The team envisions a Bistro in one space and a retail space in the other both of which will be open to the public and have access to the substantial foot traffic the Downtown hosts on a daily basis.
The Gibson Hotel development team has already accomplished much of the groundwork a project of this scale requires.
- Certified experts have inspected the foundation, roof, and exterior walls and determined that they are in acceptable condition.
- The team has determined that the building is eligible for federal and state historic tax credits and have determined that a 15-year tax abatement and other incentive programs are available.
- Important conceptual work and planning has been completed including preliminary architectural drawings.
The original partners will remain involved in the project for a minimum of five years after opening, but long-term would like to have someone local to Tiffin or Seneca County take over the hotel.
How to Explore the Opportunity
- Step 1: Pre-Qualification. Contact Adam Gillmor, Development Coordinator at TESP, at email@example.com or by phone at 614.725.8086 to discuss your interest in the opportunity.
- Step 2: Further Discussion: Further Discussion: After pre-qualification by TSEP, your name and contact information will be passed along to the Gibson Hotel Development team, who will initiate further discussion if interested.
- Step 3: Due Diligence. After connecting with the pre-qualified entrepreneurs and businesses of their choosing, the manufacturer will either select one and begin discussions, and the due diligence process will begin for both the seller and purchaser.
- Step 4: Deal. If due diligence goes well, then the parties will move forward with the deal according to agreed-upon terms.
To Stay Informed of Future Opportunities
- Please contact Adam Gillmor, firstname.lastname@example.org to be placed on the email list for future opportunities.