TAMPA, FLORIDA Hyatt Hotels Corp. has sold the 445-key Grand Hyatt Tampa Bay for US$58.5 million, or US$131,000 per key. Hyatt will continue to operate the hotel under a long-term management agreement.
The buyer is an unidentified investor advised by UBS Global Asset Management. On behalf of the investor, UBS will fund an extensive property renovation, to be completed within two years.
“The sale of Grand Hyatt Tampa Bay supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are underrepresented,” says Stephen Haggerty, Hyatt’s global head of real estate and development. “While Hyatt expects to be in the market from time to time to buy and sell properties, we will maintain our presence in Tampa Bay with the Grand Hyatt, which we will continue to manage.”
The 14-story hotel is located within a 35-acre nature preserve on the shores of Old Tampa Bay, minutes from Tampa International Airport and the downtown business district. Amenities include two outdoor pools, two hot tubs, outdoor lighted tennis courts, a health club and three restaurants.