Jul 14, 2011 9:08 AM by Lauren Wilson & AP
ALEXANDRIA, La. (AP) - The city of Alexandria will pay Noble Hospitality Inc. a "start-up fee" of $15,000 as well as provide utility incentives to manage the downtown Alexander Fulton Hotel.
In exchange, the city will receive a property improvement plan and 25 percent of the profits that Noble earns while it manages the property.
The group will manage the hotel beginning Friday and through Oct. 31, with the possibility of its contract being extended by three months.
Mayor Jacques M. Roy said Wednesday the contract had not been completed.
The Town Talk reports the hotel remains in bankruptcy proceedings regarding Capital One Bank N.A.'s lien of more than $3 million on the hotel's lodging tower. The city owns the land and the public parts of the hotel.