Terre Haute Economic Development Corporation | Terre Haute, Indiana

Terre Haute Economic Development Corporation

Newsroom

November 11, 2005
FOR IMMEDIATE RELEASE:

Terre Haute Economic Development Corporation and Dora Brothers
Hospitality Corporation Announce New Hilton Garden Inn Hotel in
Downtown Terre Haute
$12 Million Project Will Replace Former Terre Haute House

Terre Haute, Indiana (November 11, 2005)--Representatives of the Terre Haute Economic Development Corporation joined principals of Dora Brothers Hospitality Corporation in announcing the development of a new Hilton Garden Inn Hotel in Downtown Terre Haute. The new facility will be known as the ìHilton Garden Inn ‚ Terre Haute Houseî and will be located in downtown Terre Haute at the northeast corner of 7th Street and Wabash Avenue (U.S. Highway 40), the original ìCrossroads of Americaî.

The new urban-style hotel, which will occupy the site of the former Terre Haute House, will rise six-stories and offer 127 guest rooms.

“We are very excited about this unique opportunity,” said Dora Brothers Hospitality Corporation partner Tim Dora. “We hope that the community will be as excited as we are about this project.”

The Hilton Garden Inn – Terre Haute House will feature a full-service restaurant, lounge, room service, heated indoor pool, hot tub, fitness center, 24-hour complimentary business center, 24-hour pavilion pantry and three meeting rooms. Each guest room will offer a refrigerator, microwave oven, coffee maker, two dual-line speakerphones with voicemail and data ports, high-speed Internet access and other amenities.

“If all goes well, we intend to start construction in the spring of 2006 and open the facility in the early spring of 2007, “ said Tim Dora. “We have placed the property under contract to purchase and have initiated our due diligence efforts. We are announcing this project at this time due to the necessity to be active with the final stages of our investigations. While there are still several factors that could stop this project from happening, we are 90 percent there. Local public participation will be required to assure this project will become reality. Assuming our request for local assistance is approved, we should be able to wrap up the final details in the next 60 days, actually close on the property, commence the design and engineering and begin construction by next spring.”

“It is common knowledge that several suitors expressed interest in the old Terre Haute House over the years,” said Steve Witt, President of the Terre Haute Economic Development Corporation. “While we all would have loved to see that facility rehabilitated to its former glory, the fact was the economic feasibility of restoration declined over time to the point that risk-laden “wing and prayer” financial schemes were the only apparent avenues for the redevelopment of the facility. Due to the purchase of the property by Greg Gibson for speculative redevelopment purposes, the Dora Brothers Hospitality Group is now stepping forward to invest millions of dollars of its own capital to build a brand new hotel facility in our downtown. This proposed project is something our downtown desperately needs and is worthy of consideration with regard to local public incentives.”

“This is the exact activity that I hoped to spur by taking the step to purchase and demolish the existing structures,” said Terre Haute-based entrepreneur Greg Gibson. “While this deal is not final, I believe the project that the Dora Brothers have put together will be successful and of huge benefit to our community. I’m looking forward to consummating the sale of the project site to the Dora Brothers and watching the new facility take shape.”

“From a nostalgic perspective, my father – Robert E. Dora – built his first Holiday Inn in Terre Haute 40 years ago. I am excited to be back in Terre Haute with a new hotel that will be Terre Haute’s finest lodging facility for the next 40 years,” added Tim Dora.

About Dora Brothers Hospitality Corporation

Dora Brothers Hospitality Corporation, owned by Bob and Tim Dora, is a second-generation hospitality management group continuing the Dora family tradition of outstanding hotels. Dora Brothers Hospitality Corporation currently operates 15 hotels, consisting of over 1,500 rooms, in Indiana, Illinois and Wisconsin. Bob and Tim Dora have principal ownership positions in most of the hotels that they manage. Bob and Tim Dora are also principals in Prestige Building Company, LLC. Prestige has a proven record in constructing high-quality projects on time and under budget. Additional information on Dora Brothers Hospitality Group can be found at www.dorahotels.com.

About Terre Haute Economic Development Corporation

The Terre Haute Economic Development Corporation is Terre Haute/Vigo County, Indiana’s lead economic development organization. THEDC’s membership is comprised of representatives of greater Terre Haute’s governmental units, manufacturers, financial institutions, utilities, universities, health-care providers, retailers, professional service providers and non-profit organizations. Additional information on the Terre Haute Economic Development Corporation can be found at www.terrehauteedc.com.

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