Tuesday, January 24, 2012
The 14-year-old city owned Hyatt Hotel is worth half of what it was just a few years ago, but still one Wichita city council member wants to put it up for sale.
Councilman Michael O'Donnell made the suggestion Tuesday as city staff presented it's plan for $2.4 billion in capital improvements over the next ten years. The city invested $31 million in building the Hyatt in 1996. Because it's city owned, the hotel is not on the tax roles.
"The fact that we own a huge asset on the river that is not paying taxes, if a private company owned it they would be paying taxes and contributing to our tax base," said O'Donnell.
The mayor says the city has had offers to buy the hotel. Several years ago there was an offer for $50 million. The latest offer was just $17 million.