RUSSELLS POINT – Ground will be broken soon for a new 54-room Cobblestone Inn at Indian Lake, similar to the one in Urbana.
A study done by Core Distinction, a Wisconsin consulting firm specializing in the evaluation of potential demand for hotels. concluded that the need is significant in this region. Currently there are no hotels within 9 miles of the lake.
A group of 17 investors, most with ties to Indian Lake, have committed to the $8 million project. Financing is being provided by Richwood Bank along with PACE. The site is located on the southeast corner at the intersection of Route 33 and Lincoln Blvd. in Russells Point. The location provides a view of the lake and high visibility as well as plenty of room for parking and future expansion if needed.
The new Cobblestone hotel will be managed by SHG. It will feature a mix of short term and long term stay suites, ADA compliant units, a swimming pool, conference room, breakfast room, exercise room, laundry and outdoor patio.
Info from Mike Major.