New $3.5 Million Renaissance Albany Renovation Project Will Strengthen Hotel Operations

September 21, 2023

Investment Will Support Retention of 91 Jobs and Bring Improvements to Public Spaces, Guest Rooms

View Announcement Press Release

A new $3.5 million investment into downtown’s Renaissance Albany will bring needed improvements to the 203 room, 180,000 sq. ft. Renaissance by Marriot hotel’s public spaces and rooms. The  planned renovation will allow the hotel to maintain its branding and strengthen its operations. The project will generate additional revenue to local taxing jurisdictions and is projected to support the retention of 91 jobs and create at least 18 construction jobs.  

Crucial to downtown Albany’s vitality, the Renaissance Albany connects directly to the Albany Capital Center and MVP arena, it offers meeting and ballroom space for private events, 203 rooms, and a full-service restaurant open to the public.

The existing Renaissance Hotel by Marriott will be renovated, improvements will be made which include upgrades to the hotel lobby, its ballroom, restaurant, fitness center and guest rooms.

This historic building renovation would not be possible without City of Albany IDA assistance as ongoing effects of the COVID-19 pandemic are driving rising costs of goods and services, higher interest rates and higher wages due to inflation.

The Renaissance Albany opened in 2015 as part of Columbia Development’s revitalization of downtown’s Wellington Row. The hotel was formerly known as the DeWitt Clinton and its operations had ceased in 1975. Over nearly a decade the private sector, New York State and local government worked together to revitalize the DeWitt Clinton as a hotel operation at 144 State Street along downtown’s Wellington Row.

 

On Thursday the City of Albany IDA board approved an application to provide assistance to 144 State Street, LLC and 144 Real Estate Properties, Inc. in the form of New York State sales tax exemptions and real property tax abatements by way of modification and extension of an existing PILOT agreement. Including this new investment the project is estimated to generate more than $6.5 million additional revenue to the local taxing jurisdictions over the approved 20-year PILOT period. Upon completion of the project’s PILOT-period it is estimated to generate $1,017,783 annually for local taxing jurisdictions.