LOUISVILLE, Ky. (WDRB) -- A troubled Louisville hotel and conference center will soon be gutted and overhauled.

According to an exclusive report from Business First, WDRB's media partner, the Fern Valley Hotel & Conference Center, located on Fern Valley Road, near I-65, has a new owner. An affiliate of Louisville-based HRS Hotels Group Inc. purchased the hotel for $4.4 million and plans to convert the property into three separate hotels.

To read the original Business First report, CLICK HERE.

Hiten Timbawala, president and CEO of HRS Hotels Group, told Business First that he closed the hotel shortly after taking charge of the property, because he felt it was unsafe for hotel guests.

He says HRS' planned renovations could cost more than $20 million.

Copyright 2017 by WDRB News. All rights reserved.