IS IT TRUE June 16, 2012

IS IT TRUE the Riverhouse has a new owner that paid a whopping $475,000 for the dilapidated 83 room hotel?…the new owner is a well known Evansville businessman named George Yerolemou who has taken on a couple of renovations and seems to be making a go of the businesses he has placed in them?…the first project for Mr. Yerolemou that is familiar to most of us old timers is the old Holiday Inn on the North side that at one time had the hopping Red Baron Lounge?…that Mr. Yerolemou seems to have split the old Holiday Inn into two businesses?…that one of those businesses is an Econolodge hotel/motel that appears to cater to travelers but the other half has been converted to a motel looking pair of buildings that are more of a permanent lodging sort of place?…Yerolemou has expressed his intention to do an extensive renovation of the River House and bring it back with a flagship brand like a Hampton Inn or Best Western and be the “best of its type” in the Evansville market?…that if George is to achieve “best of type” with the Hampton Inn brand he had better have some very deep pockets and some serious ability to operate a hotel because the Hampton Inn out by the airport may just be the best current hotel in Evansville?

IS IT TRUE that an interest in the downtown hotel by a private developer is a positive thing for the City of Evansville?…that if the developer can pull this off in total for a reasonable price that he may just see some financial success?…the key term here is reasonable because the occupancy and rate for such a brand is fairly predictable which means that if this refurbishment can really become “best of type” for a net price of well under $10 Million then Yerolemou will have pulled off a feat that many have thought impossible?…that given his record of converting old places into profit centers the CCO thinks George has a decent probability for success?…that his experience in the restaurant business may just lead to another profit center in the old restaurant that has been through several brands during the last few years?…this venture has the potential to pollute the appraisal waters for any new downtown convention hotel that may be pursued up at the former ROCK PILE?

IS IT TRUE that the Koch Family who own and operate Holiday World have finished their due diligence period on the old Kentucky Kingdom and have decided not to bite off that project?…that the Koch’s example of being willing to put in a period of due diligence, invest what is necessary to do a thorough analysis, and make an informed decision is a good lesson in real business vetting that the City of Evansville may just be able to leverage?…it is good (not for Louisville) to see sanity prevail for the right reasons and that we hope to start seeing more sanity when it comes to local government projects?…that we hope the Office of the Mayor, the Evansville City Council, and all of the appointed boards that only seem to know how to spend money need to take a lesson from the private sector on vetting and sanity?

IS IT TRUE that we wish all of you fathers out there a Happy Father’s Day and much joy in the coming year?