The Hyatt Hotel in downtown Rochester is being sold.
That iconic part of the landscape in the center city is being sold by the private equity firm, the Blackstone Group, to a partnership that consists of Morgan Management and Christa Development.
The purchase price is $16 million, and the new owners plan to do $15 million worth of renovations there.
Developer Bob Morgan says even with new hotels cropping up in the area in recent months, his company and Christa Development feel this is a good investment.
“We feel that with everything going on in downtown Rochester today, we think there’s a big need for more class ‘A’ rooms, and what’s better than the Hyatt,” Morgan told WXXI News.
He says there is certainly a lot of activity planned for the downtown area.
“There will be photonics coming to town, CGI’s expanding, with 350 employees, I think you’ll have enough people to support this; you’ve got the convention center activity, there has been enough business to support the Hyatt, but it’s just been a very tired hotel.” Morgan says the hotel has not been updated in 15 years.
The new owners will also be seeking tax incentives for the development. Morgan says they are hoping to accomplish both the sale and the renovations this year. As part of the project, the developers expect to add 20 jobs. In their application to COMIDA for the incentives, the developers say the renovations are required by Hyatt in order to retain the Hyatt brand for that hotel.
Morgan says the renovations will include updating all 336 rooms, the lobby, the restaurant and the exterior of the building as well.