Hotel Project in Covington Receives Millions in Incentives
The Kentucky Tourism Development Finance Authority offered preliminary approval to The Hotel Covington project on Wednesday.
Developer Guy van Rooyen told The River City News that the project was approved for $5.1 million in sales tax rebates.
The Salyers Group closed last month on the purchase of the Coppins Building, more recently known as Covington City Hall, at 638 Madison Avenue which it plans to turn into a luxury boutique hotel that will complement the company's thriving reception business at the Madison Event Center.
The authority considers applications under the Kentucky Tourism Development Act, which allows eligible tourism attractions a rebate of sales tax up to 25 percent of project capital costs over a 10-year period.
Photo: Future site of Hotel Covington/RCN file