Purchase By University of Akron
In mid-June 2007 the University of Akron bought the complex for $22,679,000 with plans to convert it into student housing and office space. The university planned to house more than 400 students in the converted hotel starting with the 2008 spring semester. As of January 2008, the university has begun to use the upper floors of the hotel as a residence hall.
Under contract with UA, RDA Management of Fairlawn will operate 95 hotel rooms on the four bottom floors of the silos for the next two years. The university agreed to keep those rooms available to the public for that period to give the city an opportunity to secure more hotel space for downtown visitors and tourists.
Quaker Square's stores are staying open and the leases of 16 office tenants are continuing. The pool is now closed, but the fitness center will remain open to hotel guests.
Read more about this topic: Quaker Square
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