Hyatt Announces Sale of Grand Hyatt Tampa Bay
CHICAGO --(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate sold its Grand Hyatt Tampa Bay property to an investor account advised by the US real estate business of UBS Global Asset Management for $58.5 million. In conjunction with the sale, UBS entered into a long-term management agreement with a Hyatt affiliate to operate the hotel as Grand Hyatt Tampa Bay. On behalf of the account, UBS will fund an extensive property renovation plan for the 445-room hotel, to be completed within two years.
"The sale of Grand Hyatt Tampa Bay supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under represented," said Stephen Haggerty, Hyatt's global head of real estate and development. "While Hyatt expects to be in the market from time to time to buy and sell properties, we will maintain our presence in Tampa Bay with the Grand Hyatt, which we will continue to manage."
The 14-story hotel is located within a 35 acre nature preserve on the shores of Old Tampa Bay, minutes from Tampa International Airport and the downtown business district. Amenities include two outdoor pools, two hot tubs, outdoor lighted tennis courts, a health club, and three restaurants.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family in 45 countries strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt Summerfield Suites® brand names and have locations under development on five continents. Hyatt Vacation Ownership, Inc., a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of September 30, 2010, the Company's worldwide portfolio consisted of 447 properties. For more information, please visit www.hyatt.com.
About UBS Global Asset Management
With over 32 years of real estate investment advisory experience, the US real estate business of UBS Global Asset Management has approximately $14.1 billion under management on behalf of over 300 clients. A multi disciplined real estate organization with staff of approximately 168, it is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. In addition to its US real estate business, UBS Global Asset Management, Global Real Hyatt Announces Sale Of Grand Hyatt Tampa Bay Estate manages investments in Europe, Asia and Australia, totaling over $54 billion in real estate and real estate securities worldwide. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors. www.ubs.com/realestate
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