Lucas County Commissioners have announced that the Hotel Seagate will be remade into a dual-branded Hilton Garden Inn and Homewood Suites, creating a third downtown hotel within two blocks along Summit Street.

The announcement came Tuesday morning during a news conference.

Commissioners say the project will cost nearly $30 Million.

It's been a long wait. 13abc reporter Bill Hormann broke the story when demolition crews stopped tearing down the old hotel in May, 2016.

In October, 2016, commissioners accepted a bid from Key Property Management which wanted to develop what was left of the building with a hotel chain.

Tourism experts say this is great news for Toledo in that is shows the city continues to build on its success.

In the last year, Promedica has built a downtown headquarters along the Maumee River, the Renaissance spent roughly $30-million in hotel renovations, the Tower on the Maumee project got the green light and Fort Industry Square was purchased by Promedica and will soon be under renovation.

Now, the shell that sits next to the Park Inn will finally be part of that revitalization.

Rich Nachazel with Destination Toledo learned of the commissioners press event, saying, "I'm hoping to hear a major brand name, of course."

A brand name would help he convention and visitors bureau as it tries to recruit conferences and shows downtown.

When you include the Park Inn, which is putting millions into upgrades, and the Renaissance hotel two blocks away, you're looking at around 600 available hotel rooms downtown.

But Nachazel says Toledo needs more beds. He told 13abc reporter Bill Hormann, "As (hotels) renovate and complete reconstructions and new constructions that will pull corporate travelers who now have looked other places."

Typically, it takes a couple years to build a hotel. But conferences and shows generally book a couple years in advance.

So now is the perfect time to announce a new hotel. Nachazel says, "I think it's an indication of the vitality of your community."

Now, 13 months after accepting a purchase bid, it looks like there will be yet another new development in the heart of downtown.