TAMPA, FL—The 521-room Hyatt Regency has a new owner. AREA Property Partners sold the hotel to Driftwood Hospitality Management. Driftwood plans to invest $13 million in renovations.
HFF marketed the Hyatt on behalf of the seller, AREA Property Partners. senior HFF managing director Daniel Peek, along with associate directors Paul Hsu and Max Comess and senior real estate analyst Cyrus Vazifdar, worked on the deal.
“The Hyatt sale is further evidence to the recovery of the Tampa Bay market and the expectations for future growth,” Peak tells GlobeSt.com. “Hotel and other commercial real estate transaction volume and pricing are clearly on the rise in the region.”
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