Hyatt Sells Hotel in Vancouver, Builds New Lodging in Naha
- Dec 17, 2014
Hyatt Hotels Corp. is selling the Hyatt Regency Vancouver and plans to develop a new Regency branded hotel in Naha, Japan.
The 644-key hotel in Vancouver was sold to an affiliate of InnVest for approximately $123 million, around $190,000 per key. Centrally located at Burrard Street and West Georgia Street in downtown Vancouver, the hotel features more than 45,000 square feet of meeting and event space, a Starbucks®, Grain Tasting Bar which offers regional wine and craft beer and Mosaic Bar and Grill, which features locally sourced produce, sustainable seafood and signature cocktails. The facility continues to operate as a Hyatt Regency hotel.
“By continuing to execute on our asset recycling strategy, we are able to strategically plan for growth in locations where Hyatt brands are underrepresented while retaining our brand presence in key cities around the world,” Stephen Haggerty, Global Head of Capital Strategy, Franchising and Select Service for Hyatt said in a news release.
The other hotel is being built in Naha – the political, economic and education center of Okinawa, Japan – under a Hyatt affiliate’s franchise agreement with PHR Okinawa Hotel Management Ltd., a subsidiary of Ken Corp., Ltd. The hotel will feature 294 keys, four food and beverage outlets, a meeting space, a fitness center and an outdoor swimming pool. Within walking distance to Kokusai-dori, the city’s main tourism and entertainment district, it will also offer quick access to Naha International Airport which is less than three miles away from the site. Hyatt Regency Naha is expected to open before the end of next year and it will be the first member of the Hyatt brand on the island of Okinawa.
Headquartered in Chicago, the global hospitality company has numerous subsidiaries that develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties. Hyatt’s worldwide portfolio consists of more than 570 properties in 48 countries.