CHICAGO—Hyatt Hotels Corporation announced that an affiliate of Hyatt has sold the 451-room Hyatt Regency Denver Tech Center to an affiliate of JMI Realty for approximately $60 million or $133,000 per key. As part of the sale, Hyatt has also entered into a franchise agreement with JMI Realty. Davidson Hotels and Resorts will manage the hotel for JMI Realty under the Hyatt Regency flag.
“This transaction allows Hyatt to retain its brand presence in the Denver Tech Center area and furthers our capital recycling strategy, which allows us to continue to achieve strategic growth,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are excited to enter into a relationship with an owner as respected as JMI Realty, and we believe their planned renovation of the hotel’s meeting space will help maintain the Hyatt Regency brand’s reputation as a superior place for meetings and events.”
The recently renovated Hyatt Regency Denver Tech Center is the only hotel in the Denver Tech Center area to earn the AAA Four Diamond status. The hotel features more than 30,000 square feet of function space, the recently opened Root25 Taphouse and Kitchen which highlights Colorado craft beer, spirits and locally sourced ingredients and Perks Coffee & Go, a gourmet market offering Starbucks coffee and specialty breakfast and lunch items.