While AmStar would not disclose the purchase price, the companyannounced last February a $26 million loan to finance the deal andthe renovation.

The group is renovating the 326-all-suite hotel to attractconferences and groups of 15 to 300 people. "Essentially, our goalis to complete the balance of the renovation process initiated in1996 by the previous owners," Kevin Mahoney, AmStar's executivedirector of hotel investments, tells GlobeSt.com.

The new tower, originally condos, and 19-story cylindrical glassatrium were built in 1996. Phase I of AmStar's renovation focuseson a 7,500-sf executive conference center and a new restaurant andbar, expected to be completed by Nov. 1. Phase II is the lobbyrenovation and upgrading the retail space and boardroom. Phase IIIis the restoration of the Grand Ballroom. The entire renovationshould be completed by the end of first quarter 2001.