IF THE MARKET IS INDEED not growing, the OU Inn's future prospects could be heavily impacted by plans of a Beachwood firm, the Coral Co., to develop a retail/housing complex on a site very near the Inn -- a complex that, if completed as envisioned, will include a hotel/conference center that would probably compete with the OU Inn directly.
Siemer expressed some skepticism about the Coral Co.'s ability to find financing for the project and make it work (though his comments should perhaps be taken with a grain of salt, given that he was talking about a potential competitor for the Inn.)
"I don't know how they're going to take a pro forma (business plan) to a bank that shows you're going to get more business," Siemer said. "I just don't see that (project) happening. There's just not that much business."
Alexis V. Wiegand, a development associate at the Coral Co., said this week that the company doesn't wish to comment on Siemer's remarks. Wiegand reported that Coral is currently "researching different sources of funding" for the project, and may have an announcement of some sort within the next 30 days.
Local hotel operator Jack Bortle, who has facilities across Ohio including the Amerihost in Athens, said he agrees to some extent with Siemer's assessment of the regional room market.
"There are certain weekends when we could take a dozen new motels (in Athens)," Bortle said. "(But) it would be difficult to support another hotel in my view." He said the regional market is "not growing by leaps and bounds," and questioned, "what new demand generators have been created in Athens?... If there were room for another hotel, believe me, I'd build 25 of them."
https://www.athensnews.com/news/local/will-ou-inn-pay-off...