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RICHFIELD/SHELBOURNE JV PURCHASES RENAISSANCE SYRACUSE HOTEL

SYRACUSE, N.Y. — A joint venture between Richfield Hospitality and Shelbourne Falcon Investors has purchased the Renaissance Syracuse Hotel in Syracuse. The partnership's short-term plans include converting the 279-room hotel to the Crowne Plaza brand as well as undertaking a $5 million renovation that will upgrade the guest rooms, public spaces and the property's façade. Richfield will operate the hotel. To complete the transaction the joint venture acquired the hotel's loan and negotiated a deed in lieu of foreclosure with the previous owner.

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