Hyatt Announces Sale of Hyatt Regency Denver Tech Center
CHICAGO - September 19, 2013 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) today announced that an affiliate of Hyatt has sold the 451-room Hyatt Regency Denver Tech Center to an affiliate of JMI Realty for approximately $60 million or $133,000 per key. As part of the sale, Hyatt has also entered into a franchise agreement with JMI Realty. Davidson Hotels & Resorts will manage the hotel for JMI Realty under the Hyatt Regency flag.
“We are excited to enter into a relationship with an owner as respected as JMI Realty, and we believe their planned renovation of the hotel’s meeting space will help maintain the Hyatt Regency brand’s reputation as a superior place for meetings and events.”
“This transaction allows Hyatt to retain its brand presence in the Denver Tech Center area and furthers our capital recycling strategy, which allows us to continue to achieve strategic growth,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are excited to enter into a relationship with an owner as respected as JMI Realty, and we believe their planned renovation of the hotel’s meeting space will help maintain the Hyatt Regency brand’s reputation as a superior place for meetings and events.”
The recently renovated Hyatt Regency Denver Tech Center is the only hotel in the Denver Tech Center area to earn the AAA Four Diamond status. The hotel features more than 30,000 square feet of function space, the recently opened Root25 Taphouse & Kitchen which highlights Colorado craft beer, spirits and locally sourced ingredients and Perks Coffee & Go, a gourmet market offering Starbucks® coffee and specialty breakfast and lunch items.
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 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 House® brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2013, the Company's worldwide portfolio consisted of 524 properties in 46 countries. For more information, please visit www.hyatt.com.
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