| |
|
Tutwiler's new owner weighs several Gulf Coast hotel developments
Released: 6/2/2006
By: Birmingham Business Journal
BIRMINGHAM, AL - Integral Hospitality Solutions has announced it could build more than a dozen new hotels on the hurricane-ravaged Gulf Coast.
The Trussville-based company has decided to take advantage of tax and other financial incentives available to developers in the Gulf Opportunity, or "GO," Zone, created with passage of the Gulf Opportunity Act of 2005.
Integral is currently working with brokers to secure coastal sites and applying for incentives that include tax-exempt bond financing and 50 percent bonus depreciation.
Integral president Bill Murray said that the new hotels will both boost his company's bottom line and help rebuilding efforts in coastal Alabama, Louisiana and Mississippi.
"The GO Zone act opened up an incredible opportunity to be involved in the rebirth of a vibrant, unique part of our country that we want to see brought back to life," Murray said in a prepared statement. "The incentive program created an obvious opportunity for us to jump in and help."
Integral earlier this year purchased the historic Tutwiler hotel in downtown Birmingham and is investing more than $7 million in its renovation. Integral also owns or manages properties in six Louisiana markets as well as in Clinton, Miss. , Saraland, Foley and Birmingham.
It owns and/or manages 35 hotels in the U. S.
<<Back |
 |
|
|
|
|
|
