A United Arab Emirates-based global investment company is purchasing a hotel in downtown Springfield.
Al Habtoor Group, led by multi-billionaire Khalaf Ahmad al Habtoor, is set to close on the sale of President Abraham Lincoln Hotel on Dec. 16. Owner Steve Horve of Decatur says the whole process happened quickly and was worked out in about a month. He says al Habtoor made an offer on the hotel in October when he was in town with former President Jimmy Carter.
Although Horve declined to reveal the sale price, the Sangamon County assessor's office estimates the fair market value of the hotel is $8.1 million.
Reports indicate the 310-room hotel, which has about 140 employees, will likely continue operating under the DoubleTree by Hilton brand.