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The Hamister Group bought the Ramada Jamestown hotel for $1.7 million and has closed the property for a “multimillion dollar” renovation that will last several months, the Amherst-based company said.

Hamister Group the hotel was “currently not a profitable business,” and said it would reveal more-specific plans for the West Fourth Street property in 60 to 90 days.

Hamister Group has two other hotel projects under way in the region: a 124-room Hilton Garden Inn that will be included in the revamped Tishman Building in downtown Buffalo, and a hotel and market-rate apartments development planned for Niagara Falls.

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