The city of Wichita has finalized a $20 million sale of the Hyatt Regency Wichita to casino magnate Phil Ruffin.
City Council members unanimously approved the final sale agreement Tuesday meeting after an initial vote of approval in July.
Ruffin was the top bidder for the hotel on the east bank of the Arkansas River at Waterman. The city bought the hotel in 2001.
“It’s a great day for us that we’re out of the hotel business,” Mayor Jeff Longwell said. “Downtown is in a much different place than it was 15 years ago.”
It’s unclear what the $20 million will go toward. Council member James Clendenin said council members will work to make sure it wouldn’t just get “absorbed” into the city’s general fund.
“We will have a robust discussion on the council on how this money will be used,” Clendenin said.