December 18th, 2014

HCW Evansville Development, Inc. (HCWE) headquartered in Branson, Missouri announced today that it has halted any further development plans to construct the Downtown Evansville Double Tree Hotel and Convention Center in Evansville, Indiana. The decision to discontinue the project was based on the valuation that Old National Bank received which would not substantiate their financial contribution.

“We were extremely disappointed to learn that Old National Bank (NASDAQ: ONB) could not participate to the level that was necessary to bring the project to fruition,” said Rick Huffman, CEO of HCWE. Huffman went on to say: “However, we are extremely grateful to Bob Jones and ONB for their civic consciousness and business acumen in understanding the hotel and convention center is the catalyst needed to support what has already been developed downtown.” According to Huffman: “ONB was able to commit $10 million to the project, as determined by the Banks third party evaluators. This left a short fall of approximately $8 million to complete the project.” Huffman said: “Our funding (HCWE) was 100% in place, the franchise agreement was signed, the contractor contracts were negotiated and the state approved the building plans on December 16th, 2014.”

The project, which included a 244 room full service hotel and convention center, along with a 10th floor roof top bar, fitness center and additional meeting space, a 123 room residential complex, a 630+ parking garage, streetscape utility improvements, sky bridges and a connector building to tie it all together, was to cost approximately $78 million dollars. The city and HCWE worked together for over two (2) years to create an iconic hotel the city could be proud of and would support the Ford Center, The Old National Events Plaza and the future IU med school development.

The city, through the Request for Proposal process, placed specific requirements on the hotel including a minimum number of rooms and its Full Services rating. Huffman said: “HCWE has performed all of its obligations for the project to date and Mayor Winnecke has worked his tail off, trying to finally have a great hotel and convention center in downtown for conventions. If the City Council cannot provide the $8million shortfall with additional TIFF Bonds, we have no other choice but to withdraw from the project.”

HCW, LLC is a nationwide development company with offices in Wichita, KS, Branson, MO, and Phoenix, AZ. HCW, LLC is widely known for its unique ability to assess the needs and wishes of a community and bring esthetically appropriate development that blends with the best features of each community. For more information about HCW, LLC please visit http://www.HCWDevelopment.com or call 417.332.3400.

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