The downtown Crowne Plaza in Albany, New York, US, will be rebranded as Hilton following the completion of an ongoing $10m renovation.

The move to a new brand follows last year’s decision by an Albany economic development panel to approve a $14.3m, 30-year tax break for the property.

Hilton spokesman John Forrest Ales said the Crowne Plaza will undergo a major renovation and become a Hilton Hotels & Resorts property in 2012.

The 384-room hotel will become formally affiliated with Hilton this month, giving it access to the brand’s worldwide reservations system.

The hotel’s rebranding will make it the city’s third Hilton, along with locations on New Scotland Avenue and Washington Avenue.

The renovation will begin next year and conclude in 2013, according to documents submitted to the city’s Industrial Development Agency.

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Comparative figures supplied by the hotel showed that Crowne Plaza’s occupancy rate dropped from 73.6% in 2005 to 59.8% in 2010.

Hilton Hotels & Resorts is part of Hilton Worldwide, which has 3,750 hotels across ten brands worldwide, including more than 540 Hilton hotels and resorts.

Crowne Plaza is part of InterContinental Hotels Group, which has more than 4,500 hotels across seven brands worldwide, including 401 Crowne Plazas.