DELAVAN -- The long-vacant hotel in downtown Delavan appears to have a new owner and could open as soon as May.
According to a post online from the Delavan Downtown Business Association, the hotel was purchased by Best Hospitality LLC, and the deal closed Friday, Nov. 22, 2014.
The first floor will have two retail locations, and the restaurant will be called the Arcadia Bar and Grill and will feature American food.
The hotel most recently was owned by a California-based investment group after the FDIC acquired the building in a sheriff's auction in 2011. The previous owner, Midwest Hotels, lost the building to foreclosure in 2009 in the midst of a renovation project for a national hotel franchise.
Construction stopped when the lender, Rock River Bank, stopped releasing money and filed for foreclosure in February 2009.
The hotel was a popular spot until the building was gutted by a fire in 1978. It has been vacant since 2004 and has a history of various owners and plans, including once being slated to join the Holiday Inn and Suites franchise.
The building's assessed value in 2011 was $1.45 million, according to a Gazette article.
Laura Jacobs-Welch, owner of the Brick Street Market, 104 E. Walworth Ave., told the Gazette at the time that the vacant building had become an eyesore.
"Vacant buildings are always a matter of concern in a small downtown area," she said. "We would love to have that property be developed and hope it would be something that would bring traffic downtown."