Hyatt's sale of Park Hyatt in D.C. shows commitment to asset strategy
Tushar Garg, Published On:06-Oct-2014
Hyatt Hotels Corporation declared it sold its Park Hyatt inn in D.c. to a wander embodied Westmont Hospitality Group and Thomas Tan, a part of the Bestford Hospitality Group. The deal cost of the 216-room inn was roughly $100 million or $463,000 for every key. Word is the purchaser arrangements to use give or take $5.5 million in extra capital consumptions through the following three years. Hyatt will keep on managing the lodging under another administration assention. The lodging initially opened in 1986 and was last remodeled in 2006. "We are enchanted to stretch our association with Westmont," said Stephen Haggerty, worldwide head, capital system, franchising and select administration for Hyatt. "This transaction is predictable with our advantage reusing methodology and permits Hyatt to hold its brand and administration vicinity in Washington D.c., a made business with high boundaries to entrance."