Hyatt Regency hotel put up for £35m sale

THE Hyatt Regency hotel in Birmingham city centre is to be placed on the open market for around £35m this month after its holding company fell into administration in June.

Limited company Hyatt Regency Birmingham holds the freehold to the four-star complex, off Broad Street, and was placed under the control of administrators from Ernst & Young in June.

Now Jones Lang LaSalle Hotels has been appointed to market the property for around £35m, reports PropertyWeek.com.

The 319-room hotel is a popular locale for visiting dignitaries attending events at the nearby ICC, mainly because of its secure bridge connecting the two venues, and was used by the Tory Party Conference last October.

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

The 24-storey hotel is operated on a long-term lease agreement by Hyatt Holdings (UK), which was not placed into administration, and has continued to operate throughout.

Along with the Waldorf Hilton in London’s West End, which also went into administration in June, it is part of the hotel business empire of the Bhatia family in India.

The Waldorf is now back under the control of the Bhatia family after a refinancing deal was agreed.