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Iowa Events Center hotel
Iowa Events Center hotel

DES MOINES, Iowa — The city of Des Moines is chipping in some big bucks to guarantee a new downtown hotel.

Monday night the city council approved a $10 million loan to help build the Iowa Events Center hotel. That’s up from the previous commitment of $5 million.

Before, board members were trying to use that for a foreign investment program that would fund the hotel, but they abandoned that due to timing issues.

A new financing plan had the city pitching in $10 million and they have agreed.

Polk County has already approved $30 million in funding.

The hotel is set to open in early 2018.