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JV Acquires Hyatt Newport, Plans $23M Upgrade

NEWPORT, RI-The multimillion-dollar sale between Hyatt, and Amstar Group and Davidson Hotel Co. was one of the first Hyatt franchises on the East Coast.

By Beverly Ford | Updated on September 28, 2006

NEWPORT, RI-A joint venture team has acquired the 264-room Hyatt Regency Newport Hotel & Spa in a multimillion transaction that will bring $23 million in upgrades to the luxury Goat Island resort property.

Amstar Group, LLC of Denver, and Davidson Hotel Com. of Memphis became one of the first Hyatt franchisees on the East Coast with the acquisition, John Belden, president and chief executive officer of Davidson, tells GlobeSt.com. The purchase was also the first New England buy for the joint venture group, he says.

“In solidifying this transaction, we hope it will provide us with an opportunity to grow the Hyatt brand while allowing us to grow our brand,” says Belden, whose firm currently operates 25 hotels under the Marriott, Renaissance, Hilton, Westin, Embassy Suites, Doubletree, Sheraton, Radisson and Holiday Inn brands.

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