Parkes Development Group gets construction loan for $93M Kimpton Hotel in Cincinnati

The $93 million redevelopment of the historic Traction Building in downtown Cincinnati, nearly a decade in the making, will break ground in a matter of weeks.

Parkes Development Group, the Franklin, Tenn.-based firm behind the 121-year-old building’s transformation into a 152-room Kimpton Hotel, has secured a construction loan, the firm announced in a media release.