Downtown Lexington hotel renovation update: New $58.5 million face lift proposed
AI-generated summary reviewed by our newsroom.
- Developers replaced a $66M Hyatt remodel with a revised $58.5M proposal.
- State tourism officials granted preliminary tax incentives to the new plan.
- Renovations may begin in 2024 and finish by 2027 under the Procaccianti Group.
Plans to renovate a major downtown Lexington hotel are getting a revision of their own.
A $66 million renovation of the Hyatt Regency downtown next to Rupp Arena and the Lexington convention center proposed in 2024 apparently is dead.
Instead, a new $58.5 million face lift could begin later this year.
The new proposal received preliminary approval for state tourism tax incentives Wednesday after the 2024 plan was withdrawn from consideration.
Details on proposed hotel renovations
The renovations would begin later this year and be completed in 2027, according to Kentucky Tourism Finance Development Authority documents.
The hotel apparently will be renovated by the Procaccianti Group, which has owned the property since 2006.
“Obviously, we are very pleased to advance in the approval process. While there are multiple steps ahead of us, we look forward to the opportunity to work with all the stakeholders with the shared goal of delivering a fully renovated property to the City of Lexington,” said Ralph V. Izzi Jr., vice president of corporate marketing and public affairs for Procaccianti Companies and TPG Hotels & Resorts, in a statement.
No other 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 the hotel owners.
The 17-story, 360-plus-room hotel at 401 W. High St. is nearly 50 years old. It has undergone several previous, multimillion-dollar renovations.
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 it now has 366 rooms and suites, the BlueFire Bar & Grill restaurant, a pool, as well as 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.
This story was originally published May 22, 2025 at 7:36 AM.
