This October, Skyline Investments Inc., based out of Ontario, acquired Kansas City’s Aladdin Hotel from Memphis’ Wright Investment Properties Inc. The 193-room hotel opened in 1925 and closed in 2020. Larry Wright, Jr., CEO for Wright Investment Properties, listed the property for auction in Spring 2021, and the auction took place in July.
Under new ownership, the Aladdin Hotel may become an independent boutique hotel. The 16-story property qualifies for federal or state historic tax credits because it’s on the list of National Register of Historic Places.
Skyline will receive the incentive agreement terms for the Aladdin Hotel from Wright’s 2006 renovations. This qualifies Skyline for $2.1-$4.7 million in reimbursement project costs completed under previous ownership.
More details on this redevelopment are forthcoming and will be provided as made publicly available. To read for full Kansas City Business Journal report, click here.