Hyatt announces sale of Hyatt Regency Birmingham in the UK
CHICAGO, IL - Hyatt Hotels Corporation today announced that a Hyatt affiliate has sold Hyatt Regency Birmingham for approximately £38.6 million to an affiliate of Bin Otaiba Investment Group.
CHICAGO, IL – Hyatt Hotels Corporation today announced that a Hyatt affiliate has sold Hyatt Regency Birmingham for approximately £38.6 million to an affiliate of Bin Otaiba Investment Group. The purchaser will also spend approximately £2.7 million in additional capital expenditures to further improve the property over the next three years. As part of the sale, a Hyatt affiliate has entered into a management agreement with the purchaser and the hotel will retain its Hyatt Regency branding.
“We are delighted to work with Bin Otaiba as we continue growing through our asset recycling strategy,” said Steve Haggerty, Hyatt’s global head of capital strategy, franchising and select service. “This transaction allows us to retain brand presence in the market and expand our relationship with an owner who is investing in the Hyatt Regency brand.”
One of the best-situated hotels in Birmingham city center, Hyatt Regency Birmingham is a modern, 4-star hotel that enjoys an unrivalled central location adjacent to Centenary Square and connects guests to who and what matters most. Offering access to the city’s landmark International Convention Centre (ICC) via bridgeway, the hotel is one of the leading convention facilities in the U.K., regularly hosting events that include the annual conferences of major political parties. It is also across from Birmingham’s Symphony Hall and 10 minutes by train to Birmingham-Shuttlesworth International Airport and the National Exhibition Centre (NEC). Additionally, the hotel is a short distance from the exclusive Mailbox and Bull Ring shopping centers. Occupying an entire 24-story, glass-front building, the hotel dominates the skyline of central Birmingham, the second largest city in the country.