Richfield and Shelbourne Falcon Investors Acquire Syracuse, NY Hotel

SYRACUSE, NY–Richfield Hospitality completed acquisition of the 279-room  Renaissance Hotel here in a joint venture with Shelbourne Falcon Investors for an undisclosed amount.

The transaction involved acquiring the hotels loan, and negotiating a deed in lieu of foreclosure. Richfield will operate the hotel.

 The new owners plan to convert the hotel to a Crowne Plaza in mid-August, and begin a $5 million renovation in September.