Hyatt Hotels Corporation acquires Birmingham Hotel
Hyatt Hotels Corporation has completed the acquisition of a hotel it has been running on a management contract.
The Hyatt Regency Birmingham hotel has been acquired by the Hyatt Hotels Corporation, in a sale organised by administrators of the venue Ernst and Young.
Located in the heart of the city, the freehold on the four-star hotel had been owned by Hyatt Regency Birmingham, a limited company, but the firm has been in administration since June last year, the Business Desk reports.
Hyatt Hotels Corporation has been running the property under a management contract and sales negotiations with administrators Ernst& Young have concluded with a £27 million sale to the firm of the property.
The 319-room hotel is in a prime location as it is linked by bridge across a busy road to the International Convention Centre, with users including delegates at the recent Conservative Party Conference.
Last month, Hyatt Hotels Corporation acquired new hotels in Minnesota and Puerto Rico, with the latter set to be the company's first hotel in the Caribbean.