Hyatt sells hotel in Tampa Bay

Chicago-based Hyatt Hotels Corp. announced today that a Hyatt affiliate sold its Grand Hyatt Tampa Bay property to an investor account advised by the U.S. real estate business of UBS Global Asset Management for $58.5 million.

In conjunction with the sale, UBS entered into a long-term management agreement with a Hyatt affiliate to operate the hotel as Grand Hyatt Tampa Bay. UBS will fund an extensive property renovation plan for the 445-room hotel, to be completed within two years.

The 14-story hotel is located within a 35-acre nature preserve on the shores of Old Tampa Bay, minutes from Tampa International Airport and the downtown business district. Amenities include two outdoor pools, two hot tubs, outdoor lighted tennis courts, a health club and three restaurants.

“The sale of Grand Hyatt Tampa Bay supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under represented,” Stephen Haggerty, Hyatt's global head of real estate and development, said in a statement. “While Hyatt expects to be in the market from time to time to buy and sell properties, we will maintain our presence in Tampa Bay with the Grand Hyatt, which we will continue to manage.”