Hyatt Hotels Corp. and Westmont Hospitality Group 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 US$100 million, or $463,000 per key.
The buyers plan to spend approximately US$5.5 million in additional capital expenditures over the next three years, and a Hyatt affiliate will continue to manage the hotel under a new management agreement.
The 216-room Park Hyatt Washington, designed by Tony Chi, is located in Washington’s West End neighborhood. It features 12,000 square feet (1,115 sq m) of meeting space, the Tea Cellar and Blue Duck Tavern.
“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, D.C., an established market with high barriers to entry.”