"We hit the city with Park Hyatt at a great time," Lyons recently told a hospitality market overview sponsored by the Real Estate Investment Association. Not only did Hyatt win the support of a Streeterville neighborhood group, it also got liberal interpretations of floor area ratio requirements from city officials, Lyons said. But the political climate has changed, Lyons indicated.
"I think the environment right now will be tougher to work through," Lyons said. "That will change the economics going forward. And property values haven't reflected that yet."
However, Lyons said the 67-story Park Hyatt provided a density that satisfied the neighborhood group. In addition to 192 rooms on the first 20 floors, Park Hyatt is topped by luxury condominiums. The concept is similar to the Four Seasons and Ritz-Carlton, Lyons said, though Hyatt attempted to differentiate its $350-average-daily-rental property with a "relatively contemporary" design.
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