There are plans to redevelop another dilapidated hotel along the longest urban stretch of historic Route 66, but this project on the edge downtown Albuquerque will be bankrolled in a unique way.
The California-based hotel and entertainment company behind the effort is partnering with an investment platform to raise $6 million through local crowdfunding to pay for part of the project.
At nearly $25 million, the project calls for updating rooms at The Hotel Blue, changing the property's name and adding new food and drink offerings. The property was originally built in the mid-1960s as part of a national chain of midcentury downtown hotels.