ATLANTA— Stormont Hospitality Group will build the first hotel modeled after the new Sheraton prototype in Normal, IL as part of a redevelopment plan of that city’s downtown. The 150-room, full-service hotel, set to open in 2004, will be built at the cost of $24 million, although a 500-car parking garage, restoration of an old theater, as well as a 5,000 square foot retail component, will push the overall price tag to $30 million. Funding for the project is completely from public sources, said Dick Stormont, CEO of Stormont Hospitality, which will develop the property with assistance from RTKL Associates and Holder Construction Company. The Sheraton prototype, recently unveiled by Starwood Hotels and Resorts, was planned to be developed at the cost of approximately $85,000 per key. While Sheraton’s prototype is not designed to have meeting space, this particular project will have a 12,000 square feet conference center. Crestline Hotels and Resorts will manage the hotel as part of its strategy in operating properties built around university campuses. — Ruthanne Terrero
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