BETHESDA, MARYLAND Host Hotels & Resorts Inc. has closed on the acquisition of the 1,625-key Manchester Grand Hyatt San Diego and the 775-key New York Helmsley Hotel. The assets cost a combined US$883.5 million, or about US$368,000 per key.
Starwood Hotels and Resorts Worldwide has taken over management of The New York Helmsley and will convert it to the Westin brand early next year upon completion of a major renovation.
Manchester Grand Hyatt San Diego boasts a waterfront location adjacent to the city’s convention center and central business district and is walking distance to Seaport Village, the Gaslamp Quarter and Petco Park. The hotel has approximately 125,000 sq. ft. of meeting space, a 10,000-sq.-ft. spa and six food and beverage outlets. The Manchester Grand Hyatt transaction was comprised of a combination of cash, including the repayment of existing loans, and the issuance by Host of common and preferred operating partnership units.