Hyatt Regency sold in £27m deal

THE Hyatt Regency hotel in Birmingham city centre has been sold out of administration in a deal thought to be worth £27m, reports claimed today.

The hotel, in a prime location next to the city’s International Convention Centre and Symphony Hall, has been sold to Hyatt Hotels Corporation, the US group that runs the property under a management contract.

Limited company Hyatt Regency Birmingham, which held the freehold to the four-star venue was placed under the control of administrators from Ernst & Young in June last year.

It was being marketed at around £35m by Jones Lang LaSalle.

The 319-room hotel is a popular venue for visiting dignitaries attending events at the nearby ICC, mainly because of its secure bridge connecting the two venues, and was used by many of the delegates at last month’s Conservative Party Conference.

George Nicholas, executive vice-president at Jones Lang LaSalle Hotels, said last year the hotel was a realistically priced product and the deal represented an opportunity to purchase a prime hotel at a significant discount to replacement cost.