Major $66 million renovation proposed for downtown Lexington hotel next to Rupp Arena

A high-profile downtown Lexington hotel could be in for a major facelift.

The Kentucky Tourism Development Finance Authority board on June 26 gave preliminary approval for incentives for a potential $66 million renovation of the 17-story, 47-year-old hotel at 401 W. High St.

That’s the location of the current full-service Hyatt Regency connected to Rupp Arena and Central Bank Center, a major downtown lodging fixture.

The proposed project would be eligible for incentives up to $16.5 million, which were unanimously approved.

Nik Feldman, the hotelier behind The Manchester hotel in the Distillery District on Manchester Street, is affiliated with the project and spoke with the board.

Lexington’s Rupp Arena and the Hyatt Regency Hotel in October 1982 at left, and in October 2022 at right.

Work on the new Lexington Civic Cener and Hyatt Regency Hotel in downtown Lexington, October 3, 1976. In the foreground, what is now Triangle Park, was used as a parking lot for the construction workers.

No details were immediately available about the proposed project. The group met in a closed session that was not open to the media or the public at the request of Feldman.

Feldman declined to comment.

Wes Murry, co-founder of Castle & Key Distillery in Woodford County and local venture capital firm Hunsicker, also is an investor in the hotel project.

A state tourism board approved potential incentives for a possible project that would include major renovations to the Hyatt Regency hotel next to Rupp Arena in downtown Lexington.

A staircase between Rupp Arena, the Central Bank Center and Hyatt Regency which links High Street and Main Street. In 2022 the convention center completed a $310 million overhaul and expansion.

History of Rupp Arena, convention center, Hyatt hotel

Construction of the Hyatt Regency in downtown Lexington at the corner of High Street and Broadway started in 1975 as part of the Lexington Center which included the convention-exposition hall, Rupp Arena, a shopping mall and the 17-story hotel. The Hyatt opened in 1977 and currently has 366 rooms and suites, the BlueFire Bar & Grill restaurant, a pool, as well meeting spaces and event venues and a walkway connecting it to the Central Bank Center and Rupp.

In 2010, the hotel finished a multi-phase, $17.5 million renovation that started in 2007. Economic downturn slowed the renovation work, which included the guest rooms, public areas, fitness room and corridors, lobby bar and Glass Garden restaurant as well as new windows and heating and air conditioning systems. The indoor pool was redone with an outdoor deck.

Central Bank Center completed a $310 million overhaul and expansion of the convention center in 2022.

Other Lexington hotel project

In June 2023, Feldman and another hotelier opened The Manchester high-end hotel, with the Granddam restaurant and Lost Palm, an Art Deco rooftop bar, on Manchester Street. The boutique hotel has 125 guestrooms. The $300 million project sits between the Pepper Distillery campus and the coming Gatton Park on Town Branch behind Rupp Arena.

The BlueFire Grill is the restaurant in the lobby of at Hyatt Regency in downtown Lexington.

People magazine names trendy Lexington bar among 50 most beautiful US restaurants

New Mexican restaurant opening in Lexington’s Distillery District with unique features

Lexington to give $2 million from ‘infill fund’ for projects outside growth boundary

Here’s how much taxpayer money Lexington Sporting Club could receive for stadium, fields

Lexington’s 2-mile downtown trail system wins another national award