The Syracuse Industrial Development Agency took over the building and transferred the title to Syracuse Community Hotel Restoration Company 1, LLC.
The company's redevelopment project is expected to create 180 jobs.
The Syracuse Community Hotel Restoration Company is led by developer Ed Riley.
The previous owner owed millions in back taxes.
The city used eminent domain to acquire the property.
The Syracuse Community Hotel Restoration Company has proposed redeveloping the hotel into a 261-room full service hotel.
The city expects that the project will cost $57 million.
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