CINCINNATI, OH (FOX19) - A report prepared by the University of Cincinnati's Economics Center for Education and Research shows the economic impact of converting the Anna Louise Inn into a hotel.
Western and Southern wants to purchase the property and turn it into a select-service hotel. Anna Louise Inn currently provides affordable housing for women. Western and Southern and the Inn's owner, Cincinnati Union Bethel, have been locked in a battle over the property.
"We want the mission and services of Anna Louise Inn to prosper and Lytle Park to thrive," said John F. Barrett, chairman, president and chief executive officer of Western & Southern Financial Group. "We should not have to choose between a revitalized downtown and Lytle Park, and providing a much needed social safety net. Because I believe we can achieve both by working together, we continue to strive for meaningful dialogue with Cincinnati Union Bethel and its board about a solution that benefits everyone, but have not been successful."
The UC Economics Center report estimates that the construction and operation of a new select-service hotel in Lytle Park will generate a total economic impact of $391.5 million over the next 30 years, create 60 new permanent full-time and part-time jobs with $106.5 million in total earnings, and generate an additional $44.5 million in tax revenue for local government.
Excluding construction, hotel operations on a per year basis will deliver an average economic impact of $11.8 million, $3.1 million in annual local household earnings and $1.5 million in local tax revenue. Renovation and construction to convert the Anna Louise Inn facility into a hotel is expected to generate $36.5 million in economic impact, create 438 construction-related jobs with $14.1 million in local household earnings, and generate $310,000 in local tax revenue.
In negotiations to date, Western & Southern has offered Cincinnati Union Bethel, owner of the Anna Louise Inn, to:
- Pay Cincinnati Union Bethel $3 million, or the higher of two independent appraisals, for the building;
- Build a "new" Anna Louise Inn at a mutually agreeable alternate location;
- Buy the tax credits that would guarantee funding for the new facility (currently, $10.6 million);
- Offer ongoing assistance with pre-construction and design of a new facility; and
- Let residents continue to live at the existing Anna Louise Inn until the new facility is ready.
Cincinnati Union Bethel wants to renovate the facility and convert the dormitory-style rooms of the Anna Louise Inn into efficiencies so that each resident has her own bathroom and kitchen.
The complete report, "Economic and Fiscal Impacts of the Construction and Operations of a Proposed Select-Service Hotel on Greater Cincinnati," is available by clicking here.