(KMOV.com) -- A week from Wednesday, the Millennium Hotel in downtown St. Louis will close its doors.
The hotel’s management says it would cost $80 million to upgrade the hotel, and no one is willing to cut that kind of check.
The Millennium was once the largest hotel in St. Louis. Now all but 164 of its rooms are out of service.
80 employees will lose their jobs as a result of the closure.
A St. Louis City Hall spokesman says the Millennium’s owner will maintain the building’s water and utilities while working with the city to figure out what’s next for the building. There are currently no plans to tear down the tower.
Despite the closure the St. Louis Convention and Visitors Commission says the downtown hotel market is improving overall, noting both room occupancy and average daily room rates are on the rise