CANTON, Ohio (News Talk 1480 WHBC) – As expected, the company that owns the Johnson Controls Hall of Fame Village announced Thursday they are purchasing the McKinley Grand Hotel.

The purchase price is $3.8 million, with the company expecting to spend $21 million to renovate the downtown Canton facility.

The hotel is expected to close in a few weeks to begin the renovation process.

They are set to reopen in time for Enshrinement Festival activities next summer.

The company earlier obtained a 15-year, 75-percent tax abatement from the city for the project.