Friday, June 15, 2012

Downtown Hyatt could see $17M renovation

A deal between the City of Cincinnati and the owners of Downtown's Hyatt Regency Hotel could lead to a $17 million renovation.

Under terms of the deal, the City would invest $1.55 million in return for a purchase of the City's ground lease rights for $2.1 million by New York-based Lamco, LLC, a subsidiary of Lehman Brothers Holdings Inc.

The plan will be reviewed by City Council's Finance Committee before going to a full Council vote, which is expected by the end of June.

If approved, upgrades on all 485 rooms, public spaces, and support areas would begin later this year.

The renovation is expected to boost Downtown hotel room bookings and visitor spending, which have both been increasing for seven consecutive years.

"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," said Cincinnati USA Convention & Visitors Bureau President and CEO Dan Lincoln in a prepared release. "The promise of a high-end, contemporary Hyatt Hotel in the heart of downtown Cincinnati bodes well for continued growth in our region's ability to attract and host the world's best meetings and conventions."

Other Downtown hotel projects are either under construction or in the pipeline, including the 21c Museum Hotel, which opens in September; the Holiday Inn Hotel and Suites, planned for the corner of Seventh and Broadway streets; the Residence Inn, which opened in Lytle Park in April 2011; and a hotel planned for the corner of Main Street and Freedom Way at The Banks.

The Hyatt Regency Hotel was built in 1984.