Local developers Morgan Management LLC and Christa Cos. are buying the Hyatt Regency Hotel downtown in a $16 million deal.
The hotel is owned by the Blackstone Group, a private equity firm.
The local developers, who created the entity 125 EMS Hotel LLC for the project, plan to spend upwards of $15 million on renovations at the 338-room hotel. The project is expected to retain 80 jobs and create 20 new jobs over the next three years.
The County of Monroe Industrial Development Agency approved property tax abatements for the project Thursday. The project is projected to have total state and regional benefits totaling $3.25 million.
Built in 1992, the 274,000-square-foot building has 25 stories. There is also more than 20,000 square feet of flexible event space at the site. The building is connected to the Joseph A. Floreano Rochester Riverside Convention Center.
Morgan and Christa are partners on several development projects, including the Strathallan Hotel on the city’s East End, which they purchased in late 2011.
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