A Hyatt affiliate has sold the Hyatt Regency Birmingham in the UK for approximately £38.6 million to an affiliate of Bin Otaiba Investment Group.
The purchaser will also spend approximately £2.7 million in additional capital expenditures to further improve the property over the next three years. As part of the sale, a Hyatt affiliate has entered into a management agreement with the purchaser and the hotel will retain its Hyatt Regency branding.