College apologizes over plan to buy hotel

COLUMBUS (AP) — The University of Akron has apologized to state lawmakers who approved the school’s plan to buy a 190-room hotel complex for $22.7 million, a price more than double its official tax valuation.

The bipartisan state Controlling Board approved the deal Monday in a 7-0 vote, making it one of the most expensive real estate deals by a public university in Ohio in two decades.

Ted Mallo, an attorney for the university, said later he made a mistake when he told the board that Summit County had appraised the property at $28 million.

The full value set by the county is $9.8 million.

In a letter sent to board members Tuesday, Mallo said he confused the county’s figures with three independent property appraisals, which placed a value on the eight-story, Quaker Square hotel complex between $22.7 million and $29.8 million.