Stoops, who is operating in a private capacity, said he hopes to open the property located at 2601 N. Walnut St. to guests in as early as a month.
“It’s on a bluff that overlooks Cascades Park,” Stoops said. “I just watched that hotel over the years. It’s a really busy, successful place.”
In addition to its last iteration as the privately operated University Inn, the site has formerly housed EconoLodge, Ramada Inn and Holiday Inn franchises.
The property, originally built by Holiday Inn in 1963, offers easy access to Memorial Stadium and State Road 37, ?lying north of campus traffic.
Initial opening goals include finishing renovations of 14 of the hotel’s 100 rooms and having the dining room and bar completed, Stoops said.
The new Cascades Inn will enter a crowded innkeeper’s market in Bloomington, with Hyatt, Hilton, Holiday and Fairfield, among many others, offering hotel services with chain brands.
Additionally, the Indiana Memorial Union serves to provide lodging for IU guests.
Cascades Inn will differentiate from other hotel chains by offering a local flavor, including local food sourcing and recycling in every room, Stoops said.
“I don’t think there’s a hotel with quite as nice of a natural spot,” Stoops said.
Despite the competition, tourism is big business in Indiana and Bloomington, with $10.3 billion in economic ?activity coming to the state from the industry in 2013, as previously reported by the IDS.
A single Big Ten football game can bring in anywhere from $3 million to $5 million for the Bloomington area, according to Visit Bloomington, the Monroe County tourism agency.
The inn has four buildings and a clubhouse, as well as parking.
In its final days, the ?University Inn served long-term tenants, and, due to its former owners’ neglected upkeep, the property will require extensive renovation efforts.
General wear and tear required leak repair and repainting, Stoops said.
The Bloomington Department of Housing and Neighborhood Development is permitted to inspect all hotels for compliance with safety regulations, according to the Bloomington Municipal Code.
Alleged prostitution, ?sexual assault, robbery and child mistreatment were some of the problems that occurred at the former University Inn before its shuttering in 2013, according to IDS archives.
Turning over a fresh leaf from its past owners, the new hotel will house short-term renters, Stoops said.
The Monroe County ?Alcoholic Beverage Commission granted Stoops a beer, alcohol and liquor permit last Wednesday for the hotel’s bar.
Stoops purchased the property through Mast Investments LLC for $1.95 million in November 2014, according to Monroe County property records.
“Along with changing the name, we’re changing the look and feel, as well to fit with the natural setting of the property,” Stoops said.
