TOLEDO, Ohio - A deal that potentially would bring a new hotel to downtown Toledo is on hold because the developer believes the asking price for the property is too high.
The developer, Ed Walsh of Alpine Reality in Ann Arbor, Mich., bid on a property at Jefferson Avenue and Water Street owned by the Reuben Co., a Toledo real estate and property management company, according to Lucas County Commissioner Pete Gerken.
Walsh intended to build a Courtyard by Marriott on the property, currently a 1.6-acre parking lot behind Fort Industry Square, according to Gerken. He said the deal is valued at $16 to $18 million.
Walsh confirmed that he was interested in the Water Street property but declined to give specific details.
"There's not much to comment on other than we weren't able to make a deal," he said. "We have been interested in a few downtown properties but haven't been able to make a deal with anyone."