The Walper hotel in downtown Kitchener will soon be getting a multi-million dollar facelift. The 120-year-old building has been purchased by a new group of owners that have big plans for the historic building.
Perimeter Development alongside the Zehr group are the principle owners in the deal along with a local tech investor named David Strucke. CK Atlantis, a Toronto Hotel operator, will manage the building.
Craig Beattie, from Perimeter Development says, ``It's been an institution for many many years and we're excited to be a part of transforming it for the next 100 years.``
The total cost of the deal, $4.6 million. The group wants to turn the Walper into an upscale boutique hotel.
``The big picture vision for us with this hotel is to turn this into you know one of the real hot spots in waterloo region for people to dine, to stay, for people to meet for drinks after work`` says Beattie.
The new owners say they plan to invest up to 3.5 million dollars to renovate the hotel over the next few years. The revamp will include the front entrance, lobby and the dining area on the second floor.
Officials say the one thing that won't be changing though is the hotel's historic name.
Kitchener and Waterloo are currently in the midst of a hotel boom, with several other new or recently renovated hotels popping up in the region.
Councillor and Waterloo B.I.A. board member Melissa Durrell says the demand for accommodations is growing and having more hotels in the area is good for business.
``The investment into all these hotels really speaks to the strong economy we have here in Waterloo Region… It spins off to our local retail economy and all the other amenities that fall from having more beds available. ``
The Walper`s new owners say they welcome the competition and promise that they will keep the historic character of the building intact.
