COLUMBIA — The Regency Hotel Downtown is scheduled to undergo a $17.5 million redesign to reflect the character of Columbia and mid-Missouri, according to a proposal to be discussed at Tuesday’s City Council meeting.
According to a previous Missourian article, redeveloping the hotel is part of the city’s bigger plan to change the face of Columbia’s downtown.
According to the proposal, the new hotel will feature:
- Approximately 112 guest rooms.
- A street-level restaurant and meeting place.
- An indoor pool.
- A rooftop patio lounge.
- Locally inspired artwork.
The company behind the redesign, Broadway Lodging LLC, is planning to make the new hotel part of a franchise, according to the proposal. Some franchises under consideration are:
- Hotel Indigo by InterContinental Hotels & Resorts.
- Aloft by Starwood Hotels.
- Hyatt Place by Hyatt Hotels.
There will be no phasing involved with the project, and residential, commercial and industrial facilities will not have to be relocated, according to the proposal.
The new hotel will span approximately 81,312 square feet. The developers plan to finance the project through a combination of private equity, a bank loan and tax-increment financing, according to the proposal.
Tax-increment financing involves utilizing increased tax rates associated with the redeveloped properties to further finance the project.