Regions West
JV Acquires Hyatt Regency Phoenix for $96M
July 18, 2008

PCCP L.L.C. in joint venture with DiNapoli Capital Partners has purchased the Hyatt Regency Phoenix in downtown Phoenix, Ariz. for approximately $96 million from Strategic Hotels and Resorts Inc. Built in 1976, the property is a 696-room, 26-story, full-service hotel, which features an eight-story atrium in the lobby and has more than 48,000 square feet of function space in 30 meeting rooms. The property also includes four restaurants, an outdoor pool, health club and gift shop. Jones Lang LaSalle represented the seller, Strategic Hotels and Resorts Inc. Financing for the acquisition was provided by ING Real Estate L.L.C. The property will undergo renovation, which is anticipated to be complete in 2009.

 
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