Columbus officials announced last week plans to build a $160 million bond-financed hotel across the street from the city’s convention center to overcome what some say is a woeful lack of hotel space in Ohio’s capital.

The new 500-room hotel would include a $10 million parking structure and is expected to bring in $2.3 million in tax revenue and add 550 new jobs, said city officials.

The Franklin County Convention Facilities Authority would oversee the project, according to local reports. It would be the city’s second full-service hotel to serve conventioneers.

Authority officials estimate they would issue $135 million in bonds to finance the project. The hotel’s operating income would pay off up to 85% of $8.77 million in annual bond payments. The bonds would also be backed with revenue from bed taxes, parking, and existing leases, according to tentative financing details.

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