According to real estate brokers and hotel analysts, Strategic Hotel Capital Group is selling 10 hotels across the country in an effort to redistribute capital. The company would not comment on a pending sale.
But according to hotel analysts, the owners have listed the property with Sonnenblick-Goldman Co., a real estate investment banking company with headquarters in New York City.
Hyatt Regency officials say that Strategic Hotel is evaluating the value of the Hyatt Regency, which is near the Phoenix Civic Plaza, Bank One Ballpark and American West Arena. According to officials at the Greater Phoenix Convention and Visitors Bureau, Strategic has spent $20 million on improvements to the hotel. The owners are setting the purchase price in the nine-figure range.
The Hyatt Regency, the largest hotel in downtown Phoenix, opened in 1976. The convention hotel has 42,000-sf of meeting space and a rotating hotel on the top floor, called the Compass Room.
Strategic Hotel Capital Group has more than 30 hotels in its portfolio throughout the United State, Mexico and Europe. The hotels are affiliated with other hotel brands, including Embassy Suites, Four Seasons, Hilton, Hotel Inter-Continental, Loews, Marriott, Renaissance, Ritz-Carlton, Sheraton and Westin.
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