Hyatt Hotels Corporation (NYSE: H) and Westmont Hospitality Group last week 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.
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