A Central Kentucky landmark is about to get a major makeover after 40 years. The Capital Plaza Hotel on Wilkinson Boulevard announced that it is now under new ownership with a multimillion-dollar renovation in the works.
Franklin DevCo, which was organized in 2024 by Georget T. Underhill III, purchased the hotel in December 2024 for $7 million. The 163-room property will be renovated using $33 million in industrial revenue bonds issued through Franklin County and the Franklin County school system. The property also has been awarded a potential $7.5 million in historic tax credits as well as $1.4 million in state tourism tax incentives, according to a spokesperson.
The hotel is planning a spring 2027 debut. The update will include a multilevel penthouse, a new grand ballroom and about 25,000 square feet of meeting and event space, according to a news release.
The project also will include two new restaurants and a lobby bar…