COLUMBIA — The Regency Hotel Downtown could be torn down next summer and reopen in 2013 as the Hotel Indigo.
Developer Dave Parmley told members of the Tax Increment Financing Commission on Monday that he has aligned with InterContinental Hotels & Resorts, a Britain-based chain that owns the Hotel Indigo franchise, as well as Holiday Inn, Crowne Plaza and Staybridge Suites.
"Indigo is not your typical cookie cutter, beige, box hotel," said Parmley, owner of Broadway Lodging. He cited the chain's history of success in college towns as a reason for its consideration.
"(Indigo) has captured the local culture in towns like Raleigh, N.C., Athens, Ga., and Scottsdale, Ariz.," he said.
The only franchise in Missouri is the Roberts Hotel Indigo on Lindell Boulevard in St. Louis' Central West End.
The budget for the Regency Hotel redesign is $17.5 million. According to the redevelopment plan, tax-increment financing would provide $3.2 million, while the rest would come from private funding. The TIF portion would contribute $2.75 million toward demolition and construction and $450,000 for engineering, architectural and other professional services.
When rebuilt, the hotel will have seven stories, 112 rooms, a street-level restaurant, meeting space, indoor pool and rooftop patio lounge. It will be accessible to those with disabilities.
Parmley said the new hotel would have a parking space for each room, with details of the future parking garage to be negotiated with the city.
Pat Nasi, a consultant with Broadway Lodging, described the existing state of the hotel as old and deteriorating.
"It has stained carpets, water leaks and mold from water penetration," Nasi told the commission.
He said it is negatively reviewed by 75 percent of TripAdvisor users.
A public hearing on the proposed redevelopment plan is scheduled for Jan. 4.