The City of Wichita is considering two "offers to purchase" the Hyatt Regency Hotel downtown. The hotel has been owned by the city for about 15 years.
The city put out a request for proposals in April seeking qualified offers to purchase the Hyatt Regency Hotel and Convention Center, which is along the Arkasas River on Waterman Street.
According to Scot Rigby, the assistant city manager and development assistant director, the city received local, regional, and national interest, which is indicative of continued growth in the region and the city. The hotel has more than 300 rooms and includes more than 6 acres.
The two bids are from Riverfront Partners LLC for almost $10.5 million; the other is from Phillip G. Ruffin for $20 million. The next steps are staff review--due diligence of the offers--and then a recommendation to the Wichita City council to enter into a purchase agreement or to retain the property.
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Aileen LeBlanc is news director at KMUW. Follow her on Twitter @Aileen_LeBlanc.
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