The city of Bend finalized a deal last week to sell a property it owns north of downtown.

InnSight Hotel Management Group bought the 3.17-acre property across Wall Street from Pioneer Park for $2,113,158. The location was once the home of The Bulletin. The property was acquired by the city in 2005 for $4.78 million.

In November, the city agreed to reduce the sale price by about $165,000. In a memo to the City Council, City Manager Eric King wrote, “This wasn’t an easy transaction. … It has been a long couple of years to get to this point — but we finally did it.”

In the memo, King said the funds from the sale will be used to pay for street maintenance.

In May, Assistant City Manager Jon Skidmore said InnSight has proposed an upscale hotel, 12 market-rate housing units and approximately 10,000 square feet of retail space. Based in Springfield, InnSight Hotel Management Group owns and operates 11 hotels in Oregon and Washington, according to Richard Boyles, company president.

— Bulletin staff report