NEW YORK— An investment group led by Marx Hotels Group closed on its offer to purchase the University Tower Hotel in Syracuse on Friday, March 8, according to Marc Shapiro, president, Marx Hotels Group. The total purchase and renovation project is valued at $28 million. The round 20-story tower is proximate Syracuse University, four major medical centers and the Carrier Dome. As previously reported in HOTEL BUSINESS®, Shapiros plans call for a total renovation of the 282-room property, whose entrance will be repositioned to face Syracuse University and Genesee St. When finished later this year, the hotel will be transformed into The Marx Hotel & Conference Center, featuring boutique-style accommodations, a 12,500-square-foot state-of-the-art conference center, fine dining, entertainment, social catering, and other amenities. It will employ 175 people. BSB Bank & Trust is providing debt financing; a private offering memorandum was issued for investors in the project which is subject to the full range of benefits offered by its Empire Zone status. In addition to Marx Hotels Group, LLC , which also will manage the hotel under separate agreement, the redevelopment team includes Green & Seifter, Attorneys, PLLC and Heuber Breuer Construction Corp.,all of which have worked closely with the City of Syracuse Economic Development Office. The Syracuse Industrial Development Agency is assisting through a negotiated payment-in-lieu-of-tax agreement, local sales tax exemption during construction, and mortgage tax relief.
