LOUISVILLE, Ky. (WDRB) — A plan to construct a hotel at the corner of South 2nd and West Market streets is back on track with changes from the original proposal three years ago.
Louisville’s Campisano Capital and Minnesota-based TruVine Companies plan to build a six-story, 168-room Canopy by Hilton with a first-floor restaurant by Louisville restauranteur Kevin Grangier, according to Campisano Capital founder Nick Campisano and Gregg Larson, founder and CEO of TruVine.
The hotel at 133 W. Market St. will also feature a pool and bar on the roof, they said.
Campisano told WDRB News that the hotel represents a significant upgrade for the underused site, which is currently a vacant parking lot and used to be home to buildings containing lender Action Loan and a Subway restaurant.
Campisano said the location near the Kentucky International Convention Center, the KFC Yum! Center and other downtown attractions are ideal for a hotel.
“Guests could go to this hotel, visit the convention center, visit Whiskey Row, visit the basketball arena, and without moving more than a few blocks, get a true feel of what Louisville has to offer,” he said.
Larson said the group is eager to get started later this year amid rising interest rates, with a goal of opening the hotel by the 2024 Kentucky Derby weekend.
The plan comes three years after Campisano and local developer Martin Carney, of St. Matthews-based Carney Management Co., were approved to build an eight-story Hyatt hotel with 273 rooms.
Larson’s company, TruVine Derby City, purchased the site from a Carney affiliate for $8 million in July, according to property records.
Campisano Capital and TruVine are investors in the equity group for the hotel while Campisano’s developer services arm, Zyyo, is the architectural and project coordinator.
Zyyo filed a plan including conceptual elevations of the hotel with Louisville Metro government on Monday.
Louisville has had a nearly decade-long hotel boom, with more than two dozen built or planned, primarily downtown.
But Campisano said the city needs to keep building and refreshing amenities if it wants to attract visitors who could also go to cities like Nashville, Columbus and St. Louis.
“If we don’t continue to evolve as a tourist attraction, then visitors will go to neighboring cities… That’s why we have to keep offering better hotels, more hotels, more attractions (and) more multifamily, because it’s an extremely competitive environment, I said
Meanwhile Hilton-flagged hotels are still “underrepresented” downtown, so the Canopy will be another option for Hilton-loyal guests, Larson said.
“There is a stronger need for the Hilton brand than, say, the Marriott brand,” he said.