WASHINGTON, D.C.
Hyatt Hotels Corporation and Westmont Hospitality Group have announced that a Hyatt affiliate has sold the 216-room Park Hyatt Washington to a venture comprised of Westmont Hospitality Group and Thomas Tan, a member of the Bestford Hospitality Group, for approximately $100 million, or $463,000 per key.
The purchaser reportedly intends to spend about $5.5 million in additional capital expenditures over the next three years. A Hyatt affiliate will continue to manage the hotel under a new management agreement.
Park Hyatt Washington is located in the West End neighborhood, offering convenient access to the K Street business district, Dupont Circle, Georgetown and Embassy Row. The hotel features 12,000 square feet of meeting space, the Tea Cellar, offering rare and vintage tea selections, and the Blue Duck Tavern, which focuses on American cuisine made with fresh regional ingredients.
