City of Wichita officials today announced a $150,000 payment from the Hyatt Regency Wichita, the first of what is expected to be an annual profit-sharing check from the 15-year-old, riverfront hotel that has helped drive downtown redevelopment.
Mayor Carl Brewer presented a copy of the check during a morning news briefing at City Hall, 455 N. Main. Brewer said the hotel has proven to be a solid public-private investment that supports conventions, tourism and ongoing improvements in the core area. He added that the City’s investment in the hotel served as an early catalyst for downtown revitalization, which has gained momentum in recent years with other improvements such as Intrust Bank Arena.
“The Hyatt Hotel is a great asset to downtown,” Brewer said. “The partnership with the Hyatt was a great vision in 2001, and it is paying off for taxpayers today.”
The 303-room Hyatt hotel opened in 1998. In 2001, the City Council approved the purchase of the hotel under a management agreement with Hyatt Hotels. The City’s 2001 investment has returned approximately $22 million in tax revenue to City, County and State governments.
The City also receives rental payments for promenade meeting rooms totaling $200,000 annually. Now, the Hyatt will begin providing annual profit-sharing checks that the City will deposit into the general fund. The annual budget process will determine how the profit-sharing funds are spent.