Jones Lang LaSalle Hotels Announces $96M Sale of the Hyatt Regency Phoenix (United States)
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Jones Lang LaSalle Hotels Announces $96M Sale of the Hyatt Regency Phoenix (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2008-07-10
Jones Lang LaSalle Hotels is pleased to announce that they represented Strategic Hotels & Resorts, Inc., as exclusive advisor in the $96 million sale of the Hyatt Regency Phoenix. The buyer is Los Angeles-based DiNapoli Capital Partners. The 696-key hotel is a dominant, institutional quality asset located across the street from the Phoenix Convention Center, and is well positioned to benefit from the ongoing renaissance and revitalization of the Downtown Phoenix area.
The property features oversized guestrooms, 48,000 square feet of meeting space, three food and beverage outlets, and a six-story grand atrium. DiNapoli Capital Partners will be investing significant capital to renovate and reposition the Hyatt Regency Phoenix providing Downtown Phoenix with a fully-updated convention center hotel.
"This transaction demonstrates the strong investor interest in well-maintained, institutional quality lodging assets with in-place cash flow, located in markets with significant upside potential. This is a bell weather transaction for the Phoenix market and we are pleased to create a win-win situation for both Strategic Hotels as the seller and DiNapoli Capital Partners as the new owner of this high quality hotel," said Romy Bhojwani, a senior vice president for Jones Lang LaSalle Hotels.
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