{"id":1004105863,"date":"2014-10-20T18:44:17","date_gmt":"2014-10-21T02:44:17","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=299755"},"modified":"2021-05-14T16:52:04","modified_gmt":"2021-05-15T00:52:04","slug":"hyatt-hotels-sells-park-hyatt-washington-for-100m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hyatt-hotels-sells-park-hyatt-washington-for-100m-2\/","title":{"rendered":"Hyatt Hotels Sells Park Hyatt Washington for $100M"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Park-Hyatt-Washington-P149-Exterior.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-299756\" title=\"WASPH_P149\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Park-Hyatt-Washington-P149-Exterior.jpg\" alt=\"\" width=\"300\" height=\"100\" \/><\/a>Just weeks after announcing the sale of a <em><a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/cleveland\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\/1004104506.html\">38-property portfolio<\/a><\/em> to Lone Star Funds for about $590 million, Hyatt Hotels Corp. has completed another important transaction. At the start of the month, the company sold the Park Hyatt Washington to a joint venture comprising Westmont Hospitality Group and Thomas Tan for about $100 million, or $463,000 per room.<\/p>\n<p style=\"text-align: justify\">The hotel is located in Washington, D.C.\u2019s West End neighborhood. It features 216 rooms, including 28 suites, and 12,000 square feet of state-of-the-art meeting space. The hotel is also home to the Tea Cellar and the Blue Duck Tavern, considered one of the best restaurants in the city.<\/p>\n<p style=\"text-align: justify\">Boston Properties developed the hotel as part of a $200 million project that encompassed most of the city block. Construction started in 1984, and the hotel opened two years later. Boston Properties sold it to Hyatt in 1995 for $43.4 million.<\/p>\n<p style=\"text-align: justify\">The new owners plan to invest approximately $5.5 million over the next three years to improve the property. The Park Hyatt Washington was last renovated in 2005, when it underwent a $24 million, seven-month project in order to stay competitive.<\/p>\n<p style=\"text-align: justify\">A Hyatt affiliate will continue to manage the Park Hyatt Washington under a new management agreement.<\/p>\n<p style=\"text-align: justify\">\u201cWe are delighted to expand our relationship with Westmont,\u201d Stephen Haggerty, global head of capital strategy, franchising and select service for Hyatt, said in a statement for the press. \u201cThis 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.\u201d<\/p>\n<p style=\"text-align: justify\"><em>Photo credit: <a href=\"https:\/\/parkwashington.hyatt.com\/\" rel=\"nofollow\">Hyatt Hotels Corp.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just weeks after announcing the sale of a 38-property portfolio to Lone Star Funds for about $590 million, Hyatt Hotels Corporation has completed another important transaction. At the start of the month, the company sold the Park Hyatt Washington to a joint venture comprised of Westmont Hospitality Group and Thomas Tan, for about $100 million or $463,000 per room.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004105863","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"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>Hyatt Hotels Sells Park Hyatt Washington for $100M - 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\/hyatt-hotels-sells-park-hyatt-washington-for-100m-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyatt Hotels Sells Park Hyatt Washington for $100M\" \/>\n<meta property=\"og:description\" content=\"Just weeks after announcing the sale of a 38-property portfolio to Lone Star Funds for about $590 million, Hyatt Hotels Corporation has completed another important transaction. At the start of the month, the company sold the Park Hyatt Washington to a joint venture comprised of Westmont Hospitality Group and Thomas Tan, for about $100 million or $463,000 per room.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hyatt-hotels-sells-park-hyatt-washington-for-100m-2\/\" \/>\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=\"2014-10-21T02:44:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T00:52:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Park-Hyatt-Washington-P149-Exterior.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\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\/hyatt-hotels-sells-park-hyatt-washington-for-100m-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hyatt-hotels-sells-park-hyatt-washington-for-100m-2\/\",\"name\":\"Hyatt Hotels Sells Park Hyatt Washington for $100M - 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