New Owners at the Granville Inn
Denison University has announced that it will purchase the Granville Inn.
"The Granville Inn's facilities and functions are vital both to the village and to the college," said Seth Patton, vice president for finance and management at Denison. "We feel fortunate to be able to act on this opportunity to invest in our remarkable community and in this iconic property." He added, "We believe it is important for the continued health of the village and surrounding area to keep the Inn viable. Not only is it a significant local employer, but its services are important to Granville's downtown and to Denison visitors, as well."
The 86-year-old Inn currently is in receivership under the Licking County courts and includes the properties at 304, 314 and 348 East Broadway. It recently was under contract with Urban Restorations LLC, a Columbus-based business.
As the holder of a back-up contract after Urban Restorations, the college has done its due diligence and is prepared to effect a seamless transition of ownership. The Inn will remain on the village tax rolls and will continue to be operated in its current use, managed by a separate entity hired by Denison.
The college is prepared to invest the resources that will be required to maintain and rehabilitate the historic facility. "During our research process, we came to understand the significant investment that will be needed to preserve and update the Inn, and we are ready for that," said Patton.
"Denison certainly did not plan to become an innkeeper," said Patton, "but because of the strong ties and shared interests between Denison and Granville, we are committed to this project. The goal is to enhance the Granville Inn, making it a vital and successful business. Weighed against all others, there may be more attractive investment opportunities from a purely financial perspective, but few that are more important to Granville and Denison."
At Denison University, one of the nation's leading liberal arts colleges, motivated students from around the world tailor educational experiences in pursuit of their highest aspirations. Innovative faculty and a completely residential campus provide an integrated learning environment for students to develop as critical thinkers, perceptive moral agents and active citizens in a global community as they prepare for rewarding lives of purpose and impact.