Hyatt Announces Sale of Hyatt Regency Vancouver
Hyatt Hotels Corporation (NYSE: H) announced that an affiliate of Hyatt has sold the 644-room Hyatt Regency Vancouver to an affiliate of InnVest for approximately $123 million or $190,000 per key.
December 09, 2014 // Franchising.com // CHICAGO – Hyatt Hotels Corporation (NYSE: H) today announced that an affiliate of Hyatt has sold the 644-room Hyatt Regency Vancouver to an affiliate of InnVest for approximately $123 million or $190,000 per key. The hotel will continue to operate as a Hyatt Regency hotel.
"We are delighted to enter into a relationship with InnVest, a well-respected hotel owner with deep expertise in the Canadian hospitality market," said Stephen Haggerty, global head, capital strategy, franchising and select service for Hyatt. "By continuing to execute on our asset recycling strategy, we are able to strategically plan for growth in locations where Hyatt brands are underrepresented while retaining our brand presence in key cities around the world."
Hyatt Regency Vancouver is centrally located at Burrard Street and West Georgia Street in downtown Vancouver. The hotel features more than 45,000 square feet of meeting and event space, a Starbucks®, Grain Tasting Bar which offers regional wine and craft beer and Mosaic Bar and Grill, which features locally sourced produce, sustainable seafood and signature cocktails.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
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 develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties, including 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 September 30, 2014, the Company's worldwide portfolio consisted of 573 properties in 48 countries. For more information, please visit www.hyatt.com.
SOURCE Hyatt Hotels Corporation
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