Wichita KS Realty News

Ruffin completes Hyatt purchase

Hyatt

Phil Ruffin completes $20M Hyatt purchase

WICHITA,KS:  (wichitaksrealty.news)

Wichita native and real estate and casino magnate, Phil Ruffin, is now the officially owner of the Hyatt Regency Wichita. He closed on the purchase of the 303-room Hyatt late this past Friday afternoon, city officials reported to the Wichita Business Journal earlier this week. The sale now moves the Hyatt Regency into the private sector and gets Wichita out of the hospitality business. Officials disclosed that Ruffin paid $20 million for the property.

With the new ownership, it has yet to be determined if any changes will be made to the property, like expansion, demolition, or addition of rooms, designs, and custom structures. Journalists are working hard to get in contact with Ruffin about his actual plans for his new purchase.

Wichita city leaders gave final approval for the sale earlier this month. Proceeds from the sale will be placed in the city’s general fund. City leaders want to put some of the money toward infrastructure improvements, though nothing has been officially finalized yet.

The Wichita Business Journal’s Emerging Leaders program weighed in the on how they would like the money to be spent last week.

Ruffin submitted only one of his two proposals to purchase the Hyatt Regency Wichita.

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Richard Wood

Richard Wood, our Editor and contributing Author shares his insights of the national economic data and helps identify trends in the economy and specifically how they effect the local real estate markets in and around Wichita Kansas.
With a top down approach, his focus starts with the Federal Reserve policy makers and their direction on interest rates. Employment, housing starts, and refinancing of current mortgages all come into play when trying to understand how they fit together. Even generational housing trends are important and will be discussed.
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