I don't know when it was purchased by the current owners, but this property has languished for some time before COVID. I was a premiere downtown hotel for many years and if it is to get back to that, some money will need to be spent.
If not, it will really struggle with low occupancy while most of the better paying customers go to the flashier newer hotels and the older ones that have been better kept up.
Ian is correct, it actually does have the possibility to be quite distinctive and elegant with some effort. It is like the dull penny that needs some polishing up. Maybe the current (or past) owners don't quite get that this is not a suburban Holiday Inn.