Hotel management company Richfield Hospitality and Shelbourne Falcon Investors have acquired the Renaissance Syracuse Hotel for an undisclosed amount.

The transaction is expected to close in July this year.

The 279-room hotel, which will be operated by Richfield, will undertake a $5m renovation to be converted into an upper upscale Crowne Plaza brand.

Richfield Hospitality is a leading hotel management company while Shelbourne Falcon Investors is a joint venture partnership between Shelbourne Capital and Falcon Investors.