Outside development group looking at Gering hotel
An outside development group looking at building an upper, mid-scale hotel near the Gering Civic Center will reschedule a meeting with possible local investors that was planned Wednesday evening at the Gering Civic Center. That meeting was postponed due to conditions from the snowstorm.
Twin Cities Development has been working with the group, who is looking for local investors to invest. TCD Executive Director Rawnda Pierce says a local development group has indicated the timing is not right at this time for them to be involved. Letters were sent to 80 potential investors inviting them to Wednesday's postponed meeting.
The project cost is estimated at approximately $4.5 million total. The proposed plan is for a multi-story facility with 48 to 52 hotel rooms, a breakfast area and a pool/hot tub on site.
A portion of the funding would be from the development group. One half of the total project is anticipated to be bank financing, along with TIF financing from the City of Gering, and possibly some LB-840 funding. They are anticipating a need for at least $2 million of investor financing.
A new meeting date has not been scheduled.
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