FLINT, Mich. (AP) - A downtown hotel is finding new life as housing for students attending University of Michigan-Flint, Mott Community College and Baker College.

The 16-story, 340,000-square-foot Riverfront Residence Hall opens Wednesday after undergoing a $20 million renovation. The bottom eight floors will house about 250 students and a planned second phase will make room on the top eight floors for another 550 students.

The building opened in 1981 as the Hyatt Regency Hotel and was operating as the Riverfront Character Inn when it was purchased by Uptown Reinvestment Corp.

Riverfront's average price is a few hundred dollars cheaper than UM-Flint's year-old First Street Residence Hall. Annual room rates range from about $3,400 to more than $5,000. That doesn't include food, but residents may sign up for UM-Flint's meal plan.