An affiliate of Hyatt Hotels Corp. sold the Grand Hyatt Tampa Bay property to an investor working with UBS Global Asset Management for $58.5 million. Following the purchase, UBS will finance the property's renovation on behalf of the anonymous investor, a release said.
"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,” explained Stephen Haggerty, head of real estate for Hyatt.
The Grand Hyatt Tampa Bay, which will retain its name post-sale, houses 445 rooms, three restaurants, and a variety of other amenities including pools and a health club.
Hyatt Hotels Corp. is headquartered in Chicago.