A new $5 million higher-end boutique hotel, restaurant and distillery complex is coming to downtown Versailles.
Jarrod Williams, Alex Riddle and Emily Riddle outside Community Trust Bank in downtown Versailles.
The as-yet unnamed project, to be located at 101 N. Main St. in Versailles, is being spearheaded by Rick & Still LLC, a partnership consisting of local developer and Versailles resident Alex Riddle; his wife, Emily Riddle; business partners Jarrod Williams and Tim Jones; and a few other additional limited partners, Alex Riddle said.
The late 19th-century building currently houses Community Trust Bank but will be transformed in phases into a 30-or-so-room hotel, farm-to-table new American style restaurant and craft bourbon distillery as bank operations gradually transition out.
Going to plan, the first hotel guests will check in by late 2021, Riddle said, with the distillery and restaurant debuting not far behind.
“We’re fully aware that that’s a really aggressive timeline for us,” he said.
Plans are to hire 15 full-time equivalent employees to start, including a general manager, hotel workers and restaurant wait staff, though more may be added later, Riddle said. He said he’s working with a Lexington-area restaurateur to fully develop the restaurant concept and will share specifics when plans are finalized.
The décor throughout the hotel and restaurant will highlight the best of what Kentucky has to offer, he said, from bourbon and horses to picturesque landscapes.
The development has gotten a financial boost with a $300,000 Community Development Block Grant (CDBG) from the state to the city of Versailles, administered by the Versailles Economic Development Authority as a lower-interest loan to the partnership, Riddle said. Those funds will be used to purchase distilling equipment, then repaid and used for future local economic development incentives, microloans or other projects, he said.
The project has also received tax incentives from the Kentucky Department of Tourism.
Riddle estimates the economic impact of the project will be comparable to figures experienced in Lexington for bourbon tourist retail spending—about $500 per person—benefitting local businesses and restaurants alike.
The property is located within the recently established downtown entertainment district in Versailles. Versailles Mayor Brian Traugott said downtown has undergone a marked revitalization in recent years, and this new announcement “is rich icing on the cake here,” adding that hotel revenues will also add to the city’s transient room tax benefitting tourism.
“I think it’s going to be a tremendous draw for Versailles and specifically for downtown Versailles." —Versailles Mayor Brian Traugott
“I think it’s going to be a tremendous draw for Versailles and specifically for downtown Versailles because it’s a unique project,” Traugott said. “It’s not like any other hotel around.”
The Riddles are no strangers to downtown Versailles enterprises—the couple, Robinson and another partner own the Amsden building downtown, where Emily Riddle runs Gathered Mercantile and Amsden Coffee Club. Williams is also a minor development partner on a few other downtown-area properties.
Riddle said his wife is also closely involved with this latest project.
“Emily certainly has a clear vision of what she wants to accomplish with it,” he said. “My role has been just kind of helping with the financing and deal structure side of it and a little bit with the renovations, as well.”
Riddle said he hopes the new development will help Versailles increasingly be seen as a hub for bourbon tourism while increasing foot traffic and revenues for local businesses and restaurants.
“This is a great step in that direction,” he said. “It’s going to be a hell of a lot of fun, too.”