University of Akron OK’d to buy hotel

COLUMBUS (AP) — A state panel Monday unanimously approved a $22.7 million plan by the University of Akron to purchase a hotel complex and turn it into a dormitory, one of the most expensive real estate deals by a public university in Ohio in two decades.

The state Controlling Board asked few questions before casting a 7-0 vote.

Members didn’t debate the proposal, in part, because money for the purchase isn’t coming from taxpayer revenue but from the issuance of tax-free bonds, said state Sen. John Carey, a Republican from Wellston.

The bipartisan board has three members from the Ohio House, three from the state Senate and a board president appointed by the governor.

The University of Akron’s plan is to buy the eight-story, Quaker Square hotel complex downtown and convert it into dorms for 382 students. Plans also call for offices, a banquet hall and 450 parking spaces.

School officials say the growing campus needs more space. The university is tearing down housing for about 350 students on the other side of the campus to make way for a $55 million, 30,000-seat football stadium to replace the 68-year-old Rubber Bowl.