WASHINGTON, DC—Hotel sales have never been Washington DC's forte, and certainly not in recent times. However, exceptions can be made, if a rumor about Park Hyatt Washington is accurate: namely that the 216-key hotel is being sold by Hyatt Hotels to Toronto-based Westmont Hospitality Group for $100 million, or $462,963 per key.
The Westmont is one of the largest privately-held hospitality groups, having collected an ownership interest in some 1,100 hotels around the world that range from budget to mid-market business and large conference hotels to boutique hotels and luxury resorts.
As for the Chicago-based Hyatt Hotels, the company has repeatedly told shareholders it is pursuing the potential sale of nine full-service hotels. Mark Hoplamazian, Hyatt's president and CEO assured listeners at the company's most recent conference call that these hotels were still in play. During that same call, CFO Gebhard Rainer provided an additional clue that the DC hotel might be among those on the block: speaking of the company's group business, he said that whie "San Francisco, Orlando, San Antonio and Chicago were strong performers, "DC continues to be relatively weak."
We will update this story if we hear back from Westmont or Hyatt for confirmation.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
