The Marriott Springhill Suites under construction in downtown Butler has been sold for about $7.3 million to a buyer who will not release his name.
All the investors, including the authority, which has a 25 percent ownership share, agreed to the sale for a little more than $7.3 million and a sales agreement has been signed.
After the sale closes, which could occur by the end of November, the investors, including the authority will receive any money left after the contractors are paid, but when crunching the investment numbers it seems Butler will actually LOSE funds from this sale.
The City Looks to have lost $200k on the deal? 25% of $7.3 million is $1.825 million.