The Crowne Plaza Syracuse has closed its doors effective immediately.

The management of the hotel said in a statement that it was permanently closing the hotel "due to ongoing market and economic conditions."

The hotel sits at the corner of Almond and Genesee streets, with both Syracuse's Armory Square and Syracuse University mere blocks away.

"This was an incredibly difficult decision, and it reflects the challenging environment we have faced over the last few years," the statement read.

Visit Syracuse, the area's tourism promotion agency, says they are working with other hotels to change bookings for anyone who had reserved a room at the Crowne Plaza.

The closing comes months after Onondaga County Executive Ryan McMahon said the hotels Syracuse had could not meet the demand for the region, and would fall far short as the region expands with Micron and other major business projects.

Another major hotel, the Sheraton, went off the books earlier this year when SU transformed it from a hotel to a dormitory for students.

“We’re missing out on revenue,” McMahon said in a May interview. “So the reality is this is an area we need to get aggressive in.”