Hyatt, Haberhill and Starwood Capital JV to Manage Hyatt Regency Minneapolis
New Venture Plans Substantial Property Renovation
April 4, 2011 - Hyatt Hotels Corporation (NYSE: H) announced that a Hyatt affiliate entered into an agreement with affiliates of Haberhill and Starwood Capital Group Global to form a joint venture. This new joint venture has taken ownership of Hyatt Regency Minneapolis and has signed a long-term agreement with a Hyatt affiliate to manage the hotel.
The joint venture plans a $25 million renovation of the hotel's guest rooms, suites, public areas, restaurants, meeting space, and building systems which will make its total investment approximately $75 million. The renovation and repositioning of the hotel is expected to be completed by 2012.
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