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Tourism Incentive Negotiation
Economic Development
ABOUT THIS PROJECT
MWM Consulting secured over $1 million in state tourism incentives for The Rickhouse Hotel & Distillery, an adaptive redevelopment transforming a historic Versailles bank into a bourbon-inspired boutique hotel.
The Rickhouse Hotel
Opening 2024, The Rickhouse Hotel led by the Single Barrel Group will transform a late 1800s Versailles building into a 29-room luxury destination distilling Kentucky's spirit through a full-service boutique hotel, craft distillery, and farm-to-table restaurant. By blending local flavors, heritage, and hospitality, The Rickhouse will provide an elevated yet authentic Kentucky lifestyle experience from the moment guests sip aged bourbon on the rooftop bar overlooking the Bluegrass plains to dining on chef-crafted regional cuisine. The meticulous renovation will bring this passion project vision to life as a hub honoring the state's enduring cultures and traditions.
THE CHALLENGE
The developers needed to offset costs of the sophisticated historic renovation to make the project financially viable. With many competing statewide priorities, assistance was not guaranteed.
THE SOLUTION
Leveraging deep expertise on Kentucky incentive programs, MWM Consulting steered The Rickhouse through the complex KTDA application process. We positioned the project to maximize potential awards.
THE RESULT
MWM successfully secured over $1 million in KTDA tax credits for The Rickhouse developers, doling out credits over 10 years. This funding makes bringing the novel concept to life in downtown Versailles possible. Slated to open in mid-2024.