The City of Wichita is looking to sell the Hyatt Regency Hotel, which sits at the banks of the Arkansas River downtown.
The city acquired the hotel for more than $18 million in 2001, when the original developers were looking to sell the property. The city was concerned that the flagship “Hyatt” name would be rebranded under a less-notable company.
City officials say they are now ready to see what the hotel can fetch on the open market.
Jim Korroch of AG Holdings has been in the local hotel business for 20 years. He told City Council members that it’s the right time to sell.
“I think there are several brokers and interested parties throughout the nation that will look very hard at this hotel,” he said.
No matter who buys the Hyatt Regency, the name must remain the same, and it will managed by the Hyatt company until 2026. Korroch says these requirements could bring down the value of the property.
Bids will be taken until June 26.
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