Developers Are Turning Rust Belt Hulks Into Luxury Hotels

covington

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Covington, Ky., a city of 40,000 across the Ohio River from Cincinnati, seems like an odd place for a high-end hotel. For Mario Tricoci, that’s a selling point. Last year, the Chicago developer hooked up with a local real estate investor on a $22 million retrofit of a century-old, seven-story, defunct Covington department store that locals say was the first skyscraper in Kentucky made of reinforced concrete.