Downtown’s Hyatt Regency to Undergo $17M Makeover
- Jun 17, 2012
Major renovations are planned for the Hyatt Regency Hotel in downtown Cincinnati. The $17 million project is expected to help the Hyatt compete with newer hotels as well as improve the city’s ability to bring in high-end conventions and boost the local economy.
The deal calls for the city of Cincinnati to sell its ground lease on the property at 151 W. Fifth St. to New York-based Lamco L.L.C., a subsidiary of Lehman Brothers Holdings Inc. and the owner of the hotel, for $2.1 million. The rights to the ground on which the Hyatt sits were valued at $3.6 million. The city will put in the remaining $1.55 million of the property value to help spur the project.
After years of financial issues, the hotel was sold in 2009 at a sheriff’s auction. The high-rise building was constructed in 1984. The tower has a modified V-shape with a curved southern facade and two wings at a right angle projecting to the northeast and northwest. This new project is just the breath of fresh air the Hyatt needs and puts an end to years of uncertainty regarding the hotel. Now, all of the 485 rooms, public spaces and hotel support areas will be upgraded and renovated. The city’s investment will result in a private investment of at least $17 million.
Odis Jones, the city of Cincinnati’s economic development director, stated in a press release that it is ”a good deal because it takes a small investment, leverages it for a top-tier hotel that will bring more business to our local economy.” Dan Lincoln, president & CEO of the Cincinnati USA Convention & Visitors Bureau, also praised the project and said that “the renovation of the Hyatt will make our city’s hotel product much stronger, creating more opportunities to attract high-end convention business from across the country and the globe.”
Jones presented the plan last week to Cincinnati council members of the strategic growth committee. The budget and finance committee will review it before going to council for a full vote prior to this month’s end. Work on the project is expected to begin later this year.
Image courtesy of http://cincinnati.hyatt.com.