JMI Realty Acquires Hyatt Regency Denver Tech Center; FEMA Leases Office Space in Englewood
- Sep 26, 2013
Chicago-based Hyatt Hotels Corporation recently announced that one of its affiliates has sold the Hyatt Regency Denver Tech Center to an affiliate of JMI Realty for about $60 million or $133,000 per key. As part of the deal, Hyatt has also entered into a franchise agreement with JMI Realty. Davidson Hotels & 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,” says 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.”
Located at 7800 East Tufts Avenue, the Hyatt Regency Denver Tech Center was recently renovated and is currently the only hotel in the Denver Tech Center area to earn the AAA Four Diamond status. The hotel offers more than 30,000 square feet of functional space and is home to Perks Coffee & Go and the recently opened Root25 Taphouse & Kitchen.
In other local real estate news, Northstar Commercial Partners’ founder and president, Brian Watson, recently announced a newly signed lease of 61,899 square feet with the Federal Emergency Management Agency in its four-story office building located at 9200 East Mineral Avenue in Englewood, Colorado.
Situated on 3.5 acres near the Denver Tech Center, the 79,435-square-foot building will be partially occupied by government employees who will be working to assist with the Colorado flood relief effort.
“Our ability to move quickly for FEMA was a big determinant in where they located,” said Watson who, according to a statement, signed the lease with FEMA within two days of being contacted by them.
“Northstar strives to always be responsive, and the situation with FEMA required even more responsiveness as well as flexibility in order to move hundreds of government employees into the building within days of being contacted,” Watson says, “We are happy to assist FEMA, as they will be helping the citizens of Colorado who have been drastically affected by the devastating floods.
“I have been extremely impressed with the GSA and FEMA personnel, given their professionalism, efficiency, and desire to help the people of Colorado during this challenging and emotional time. We are just glad to help provide the necessary space for their critical and valuable operations.”
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Hyatt Regency Denver Tech Center Image Courtesy of: www.techcenter.hyatt.com
9200 East Mineral Avenue Photo Courtesy of: www.jllproperty.com