Executive West to become Crowne Plaza - WDRB 41 Louisville News

Executive West to become Crowne Plaza

Stocks sunk Monday as worries about the credit ratings of American International Group weigh on the financial sector.   AIG stock was down 5%.

Bond prices jumped Monday as investors fled to the safety of government debt.

The Dow was down 241.81 points to close at 11,386.

The Nasdaq also closed down 49.12 points at 2,365.

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It's been a long time, but sales of existing homes in July were up.  The National Association of Realtors says sales of existing homes rose 3.1% in July as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

The size of the increase was triple the amount expected.  But prices have dropped nationally.

The median price for a home sold in July dropped to $212,000, down by 7% from a year ago.

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The Al J. Schneider Company is Louisville's largest operator of hotels but until now had never held a nationally known franchise name.

But Schneider has teamed with the Crowne Plaza to change the Executive West name and its appearance.

Sunday night the restaurant was serving dinner.  Monday it became a construction zone.  In the next room, a 16,000-square-foot ballroom will be ready for partying in mid-September.

It's a $26 million makeover geared toward a December completion.  Mary Moseley, President of Schneider Properties, explains, "It's a good time because the Fairgrounds has added all their excellent "A" space and they're going after larger conventions.  When you're in California and looking for a hotel, it's hard to know what the Executive West offers, so a flag hotel makes more sense nationally and internationally."

Moseley says Louisville's convention business is very good, and the new Crowne Plaza name on the hotel's marquee can only boost business: "Their slogan is 'A Place to Meet,' so that's good for us because we pride ourselves in being able to deal with conventions of all sizes."

When finished, the new Crowne Plaza will have 16 suites and 588 rooms.  It's Kentucky's first Crowne Plaza among the 250 worldwide.

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