Westmont Hospitality Group and Thomas Tan, member of Bestford Hospitality Group, are to acquire Park Hyatt Washington for 100 million dollars.
Hyatt Hotels Corporation announced the sale of the Park Hyatt Washington by one of its subsidiaries. Westmont Hospitality Group and Thomas Tan, member of Bestford Hospitality Group, will pay 100 million dollars (close to 79 million euros), representing 463,000 dollars per room (around 365,000 euros). Management of the hotel will remain in the hands of the Hyatt group in a management contract.
Located in the West End neighborhood of the capital, the Park Hyatt Washington has 216 rooms and 1000 square meters of meeting rooms and convention spaces. Over the next three years,the buyer plans to invest 5.5 million more dollars (close to 4.3 million euros) in renovating the property.
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