Renaissance Syracuse Hotel being sold to investment group [Video]

Syracuse, NY – An investment group this week announced a deal to buy the financially troubled

and to spend $5 million on renovations before rebranding it as a Crowne Plaza hotel.

Richfield Hospitality, a Denver-based hotel management company, is buying the cylindrical 20-story Syracuse landmark in a 50-50 joint venture with Shelbourne Falcon Investors, an investment group specializing in hotel properties, the companies said.

Richfield will manage the hotel following the acquisition, which is expected to close in early July, said Greg Mount, the company’s president. Mount declined to disclose the price until after the sale closes.

The planned renovation will take about nine months and will involve both interior and exterior improvements, including new exterior lighting to make the hotel stand out more at night, Mount said. The hotel will remain open while the work is under way.

Mount described Crowne Plaza as an “upper upscale” hotel brand.

“The resources and dollars that we’re going …