The Hyatt Regency on Nicollet Mall in Minneapolis has changed hands and will undergo a $25 million renovation.
The 533-room convention hotel, one of the largest in the Twin Cities, was bought by a newly formed joint venture of Haberhill LLC, Starwood Capital Group and Hyatt Hotels Corp. The deal closed March 22.
In a news release Friday evening, Chicago-based Hyatt Hotels Corp. said the total deal, including the investment for the renovation, was about $75 million. Hyatt will remain a partner with an ownership stake.
Hyatt said the renovation would be "substantial" and include rooms, public areas and building systems.
Hyatt will also continue to manage the hotel, which is home to the Oceanaire Seafood Room restaurant.
Haberhill, an investment company in Potomac, Md., and Starwood Capital Group, a private equity group in Greenwich, Conn., made headlines last year when they sold the Hilton Minneapolis, another large convention hotel, for $156 million.
JENNIFER BJORHUS
