Jones Lang LaSalle Announces Sale of Hyatt Regency Phoenix
JULY 10, 2008. Jones Lang LaSalle Hotels is pleased to announce that they represented Strategic Hotels & Resorts, Inc., as exclusive advisor in the $96 million sale of the Hyatt Regency Phoenix. The buyer is Los Angeles-based DiNapoli Capital Partners. The 696-key hotel is a dominant, institutional quality asset located across the street from the Phoenix Convention Center, and is well positioned to benefit from the ongoing renaissance and revitalization of the Downtown Phoenix area.
The property features oversized guestrooms, 48,000 square feet of meeting space, three food and beverage outlets, and a six-story grand atrium. DiNapoli Capital Partners will be investing significant capital to renovate and reposition the Hyatt Regency Phoenix providing Downtown Phoenix with a fully-updated convention center hotel.
"This transaction demonstrates the strong investor interest in well-maintained, institutional quality lodging assets with in-place cash flow, located in markets with significant upside potential. This is a bell weather transaction for the Phoenix market and we are pleased to create a win-win situation for both Strategic Hotels as the seller and DiNapoli Capital Partners as the new owner of this high quality hotel," said Romy Bhojwani, a senior vice president for Jones Lang LaSalle Hotels.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
