October 02, 2014 // Franchising.com // CHICAGO – Hyatt Hotels Corporation (NYSE: H) and Westmont Hospitality Group today announced that a Hyatt affiliate has sold the 216-room Park Hyatt Washington to a venture comprised of Westmont Hospitality Group and Thomas Tan, a member of the Bestford Hospitality Group, for approximately $100 million or $463,000 per key. The Purchaser intends to spend approximately $5.5 million in additional capital expenditures over the next three years. A Hyatt affiliate will continue to manage the hotel under a new management agreement.
"We are delighted to expand our relationship with Westmont," said Stephen Haggerty, global head, capital strategy, franchising and select service for Hyatt. "This transaction is consistent with our asset recycling strategy and allows Hyatt to retain its brand and management presence in Washington DC, an established market with high barriers to entry."
Park Hyatt Washington, designed by Tony Chi, is located in the fashionable West End neighborhood, offering convenient access to the K Street business district, Dupont Circle, Georgetown and Embassy Row. The hotel features 12,000 square feet of state-of-the-art meeting space, the Tea Cellar, offering rare and vintage tea selections, and the award-winning Blue Duck Tavern, which focuses on American cuisine made with the freshest ingredients from regional purveyors.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
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, license, own and develop hotels, resorts, branded residences and vacation ownership properties under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt Zilara™, Hyatt Ziva™, Hyatt Residences® and Hyatt Residence Club® brand names and have locations on six continents. As of June 30, 2014, the Company's worldwide portfolio consisted of 563 properties in 48 countries. For more information, please visit www.hyatt.com.
Westmont Hospitality Group, formed in 1975, is one of the largest privately-owned hotel companies globally. The company holds alliances with many of the world’s leading hotel brands including Hyatt, Intercontinental, Fairmont, Hilton, Starwood, Marriott and Leading Hotels of the World. Westmont’s hotels are located in the North America, Europe and Asia.
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SOURCE Hyatt Hotels Corporation
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