Phil Ruffin completes $20M Hyatt purchase
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.