Developers were granted $ 5 million government historical tax credits to convert Procter & Gamble’s former headquarters in the historic Gwynne Building into a new hotel.
NuovoRE, a Denver-based real estate company specializing in historic restoration, originally filed for tax credits in 2019. The Enquirer reported.
With tax credits in hand, NuovoRE will partner with Pendry Hotels & Resorts to build a 168-room hotel on East Sixth and Main Streets called Pendry Cincinnati.
The developers said the tax credits granted by the Ohio Services Development Agency were necessary to renovate the 1913 Beaux Arts building.
While developers will strive to preserve the unique history of the building that housed P & G’s headquarters for decades, it will feature an array of modern amenities, including a beer garden and rooftop cafe.
The hotel will also feature spacious suites and “four unique lounge, restaurant and bar experiences,” according to a press release.
In addition, the hotel will have 6,500 square feet of indoor meeting and event space, including a 3,000 square foot ballroom.
Pendry Cincinnati is slated to open in 2023.
“Pendry Cincinnati will be a place for community – a catalyst to enjoy life to the fullest, meet others with common interests, recharge and reorient, and celebrate with friends and family,” said Michael Fuerstman, Co-Founder and Creative Director, Pendry Hotels & Resorts.