{"id":1004018477,"date":"2010-03-20T12:11:17","date_gmt":"2010-03-20T20:11:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018477"},"modified":"2022-12-04T15:39:32","modified_gmt":"2022-12-04T23:39:32","slug":"for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues\/","title":{"rendered":"For $112M, Partnership Snaps Up Hyatt Regency Boston&#8211;and its Labor Issues"},"content":{"rendered":"<p>March 20, 2010<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004018478\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/UggBoy-three.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004018478\" data-attachment-id=\"1004018478\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues\/uggboy-three\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/UggBoy-three.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"UggBoy, three\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user uggboy&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/UggBoy-three.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/UggBoy-three.jpg\" alt=\"\" title=\"UggBoy, three\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004018478\" \/><\/a><p id=\"caption-attachment-1004018478\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user uggboy<\/p><\/div>\n<p>The Hyatt Regency Boston has just come under new ownership, courtesy of a $112 million transaction. Chesapeake Lodging Trust acquired the upscale 498-room property from Hyatt Hotels Corp. The transaction comes just 13 months after Hyatt acquired the hotel for approximately $113 million, and the quick sale was part of the company&#8217;s plan all along.<\/p>\n<p>Carrying the address of One Avenue de Lafayette, Hyatt Regency Boston sits within the city&#8217;s financial district. In addition to its nearly 500 guestrooms, the 21-story property features 20,000 square feet of meeting space. Hyatt purchased the luxury lodging facility from Host Hotels &amp; Resorts in February 2009. <\/p>\n<p>&#8220;They acquired the hotel because if someone else had bought it, the Hyatt flag could have been terminated,&#8221; David Loeb, analyst with Robert W. Baird &amp; Co., told <em>CPE<\/em>. &#8220;It was the most efficient way to protect the brand in the market.&#8221;<\/p>\n<p>Maintaining a foothold in Boston remains a priority for Hyatt. As per terms of the sale to Chesapeake, Hyatt will continue in its role as the hotel&#8217;s manger under a long-term agreement. Additionally, there will be no change of brand names; the Hyatt Regency will remain the Hyatt Regency. The sale of the hotel to one of its strategic partners and the ensuing management agreement allows Hyatt to maintain a strong presence in Boston. <\/p>\n<p>&#8220;The transaction is no surprise,&#8221; Loeb noted. &#8220;When Chesapeake outlined its strategy in the prospectus for its IPO, they talked about their relationship with Hyatt. From Chesapeake&#8217;s perspective, they&#8217;re getting an urban, upscale hotel at a good price with their strategic alliance with Hyatt. And they believe there&#8217;s an upside in that market.&#8221; <\/p>\n<p>Chesapeake plans to renovate the property; according to Loeb, the company anticipates investing approximately $10 million in capital over the next three to four years. &#8220;At this time, the Boston market is performing better than others and Chesapeake will rely on asset management to maximize the value of its investment.&#8221;<\/p>\n<p>For Hyatt, the move dovetails with the company&#8217;s corporate strategy.  &#8220;We&#8217;ve been expecting Hyatt to recycle capital,&#8221; Loeb said. &#8220;We expect Hyatt to be a net buyer of assets over the next few years, but we also expect them to recycle capital. They&#8217;ll use their balance sheet to warehouse assets in order to ensure their long-term presence in markets around the world.&#8221; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hyatt Regency Boston has just come under new ownership, courtesy of a $112 million transaction.<\/p>\n","protected":false},"author":936,"featured_media":1004018478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21742],"tags":[],"class_list":["post-1004018477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>For $112M, Partnership Snaps Up Hyatt Regency Boston-and its Labor Issues - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"For $112M, Partnership Snaps Up Hyatt Regency Boston--and its Labor Issues\" \/>\n<meta property=\"og:description\" content=\"The Hyatt Regency Boston has just come under new ownership, courtesy of a $112 million transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-03-20T20:11:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T23:39:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/UggBoy-three.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/for-112m-partnership-snaps-up-hyatt-regency-boston-and-its-labor-issues\/\",\"name\":\"For $112M, Partnership Snaps Up Hyatt Regency Boston-and its Labor Issues - 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