SYRACUSE, N.Y.— HOTEL BUSINESS® has learned a new lodging brand— Marx Hotels Group— will use its acquisition and revamp of the University Tower Hotel here to make its debut as an industry player. Manhattan-based Marx Hotels Group, headed by president Marc Shapiro, a 20-year industry veteran who served in executive positions at Omni and Loews Hotels, will infuse $22 million to redevelop the downtown property as The Marx Hotel & Conference Center. The new brand will target underserved markets in medium-size domestic cities. Slated for completion by year’s end, MHG will reposition the hotels 282 guestrooms as boutique-quality accommodations, expand existing meeting space into a 12,500-square-foot conference center located on penthouse and concourse levels, and add a 140-seat restaurant, entertainment and social catering. The hotel group is working with BSB Bank & Trust on debt financing, with closing expected by the end of January. Marx Hotels Group also will manage the property.— Stefani C. O’Connor
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