ST. LOUIS, Mo. – Plans to revamp a historic hotel in downtown St. Louis are moving forward.
As reported by STLToday.com, Midas Hospitality intends to invest $46 million to renovate the Oyo Hotel. A signature characteristic of the hotel is its iconic World’s Fair mural.
The city’s development board recently recommended 10 years of tax abatement for the project, equaling $2.7 million. These incentives still require final approval of the St. Louis Planning Commission and Board of Aldermen, the article states.
The Oyo Hotel was built as a warehouse for J.C. Penny in the 1920s. According to the article, the building faced demolition in the 1990s, with the then-owner wanting to turn it into a parking lot.
It was then bought by a hotel developer and converted into a Sheraton property. Over the past 20 years, the hotel has been rebranded several times and has been in receivership since 2019. The century-old building is listed on the National Register of Historic Places.
STLToday.com reports Midas Hospitality intends to develop the hotel in a 220-room Sheraton property with 50 additional rooms under the Apartments by Marriott Bonvoy brand. The top floor of the hotel would become an events space.
In the article, Midas Hospitality CEO David Robert said he was “inspired”’ by other projects in the city including the revitalization of Union Station.
