Wichita City Council members have approved the sale of Hyatt Regency Hotel in downtown Wichita for $20 million.
Phil Ruffin, a Las Vegas casino and hotel owner, came in with the highest bid and is expected to finalize the purchase over the next two months. The city only received one other bid, one for $10.4 million from Riverfront Partners.
The 303-room hotel went on the market back in 2001. The City of Wichita decided to purchase the hotel for $18.3 million in order to ensure the building would retain the flagship “Hyatt” name and wouldn’t be rebranded under a less-notable company.
Council member Janet Miller said during Tuesday's City Council meeting that the initial construction of the Hyatt was a milestone for downtown revitalization, and she wants to see continued support for the area from the new owners.
“We’re embarking on a new phase [for downtown], and I’m very hopeful that the new owner of the hotel will become involved with downtown redevelopment," she said.
Ruffin is a graduate of Wichita North High School and owns a number of hotels and casinos in Las Vegas. He also owned the Wichita Greyhound Park, which closed in 2007.
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