On Monday, the Syracuse Common Council unanimously approved the sale of the Hotel Syracuse in hopes it will be renovated and serve convention goers at the OnCenter.
A New York City-based private equity firm, Fundamental Advisors will buy the hotel in a tax sale for $1,000,150.
Fundamental Advisors will seek a developer for the Hotel Syracuse, fix it up, and re-open it as a hotel. If the Oncenter designates the Hotel Syracuse as its official hotel, the developers could qualify for $15-million in state grants.
Syracuse Councilor Jean Kessner said the city "has nothing to lose from the deal." She says she supports the idea of saving the Hotel Syracuse which has been closed since 2004.
The hotel's current owners owe more than $470,000 in back taxes.