CANTON, OHIO – Hall of Fame Resort & Entertainment Company (“HOFV” or the “Company”), the company that owns the premier sports, entertainment and media enterprise surrounding the prestigious Pro Football Hall of Fame in Canton, Ohio, today announced that it will purchase the McKinley Grand Hotel in downtown Canton. HOFV is expected to take ownership of the property next week and embark on a complete renovation of the hotel in early November. The construction is slated to be completed and the hotel reopened in time for the 2020 Pro Football Hall of Fame Enshrinement Week Powered by Johnson Controls in early August.
HOF Village is purchasing the property from Pacific Pearl Hotels for $3.8 million. The City of Canton and Canton City School District provided support to help ensure the long-term success of the project.
The renovation is estimated to cost approximately $21 million and include all new fixtures, carpet, furniture, roof, and mechanical systems. The Albert M. Higley, Co. out of Cleveland, Ohio will lead the construction management team, in partnership with Rocky Bleier Construction Group in Pittsburgh, Pa. Bleier, a Vietnam Veteran, is also an NFL legend who starred for the Pittsburgh Steelers for 11 seasons.
“The Hall of Fame Village is committed to supporting Canton’s redevelopment and revitalization, and we believe that the creation of a first-class hotel in the downtown area further signifies the city’s resurgence,” stated Hall of Fame Resort & Entertainment Co. Chief Executive Officer Mike Crawford. “The addition of the hotel to our portfolio also represents a continuation of our strategy to attract and host a variety of visitors and programming at the Johnson Controls Hall of Fame Village, as it ensures that the Village will have the capacity to accommodate event attendees while providing a high-quality hospitality asset to the local market.”
On September 16, 2019, HOFV entered into a definitive business combination agreement with Gordon Pointe Acquisition Corp. (NASDAQ: GPAQ, GPAQU, GPAQW) that is expected to be completed in the fourth quarter of 2019. Upon the closing of the transaction, the combined company will change its name to Hall of Fame Resort & Entertainment Company and trade on the NASDAQ stock exchange under the ticker symbol “HOFV.”
About Hall of Fame Resort & Entertainment Company
Johnson Controls Hall of Fame Village, a development of Hall of Fame Resort & Entertainment Co. is a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio. It provides a themed sports, entertainment and media venue to capitalize on the popularity and fandom associated with professional football and its legendary players. Hall of Fame Resort & Entertainment Co. was founded by the Pro Football Hall of Fame through its wholly owned, for profit subsidiary Hall of Fame Village, Inc. and Industrial Realty Group, LLC.
About Gordon Pointe Acquisition Corp.
GPAQ is a special purpose acquisition company formed by Mr. James Dolan. GPAQ raised $125 million in its initial public offering in January of 2018. Additional information can be found at www.gordonpointe.com.
For Information, Contact:
Hall of Fame Resort & Entertainment Co. Media Inquiries
Pete Fierle, (330) 588-3622
Hall of Fame Resort & Entertainment Co. or Gordon Pointe Investor Inquiries
Jacques Cornet, (646) 277-1285
Will Swett, (646) 677-1818