It took more than a year and a half, but Reading entrepreneur Alan Shuman finally got what he wanted: The Abraham Lincoln hotel all to himself.
With settlement completed Tuesday, Shuman’s entity, Lincoln Hotel LP, paid $5.05 million to add the 104-room historic hotel to his downtown real estate portfolio. That figure includes about $2.25 million in real estate and the rest in furnishings, fixtures, equipment, contents and the assumption of debt.
Shuman said he plans a $10 million renovation, of which $300,000 has been spent.
His plans include restoring the hotel and its rooms, adding a pool two-thirds of the size of an Olympic pool and reopening the Abe Saloon.