Hotel to undergo major renovation
One of the largest convention hotels in Minneapolis has changed hands and will soon undergo significant renovations. The 533-room Hyatt Regency has been purchased for an undisclosed amount and is slated to receive $25 million in updates.
The hotel was purchased by Delaware-based Haberhill LLC and Connecticut-based Starwood Capital Group. This is not the first time the two companies have partnered to purchase a Minneapolis hotel. In 2006, Haberhill and Starwood bought the Hilton Minneapolis for $92 million before reselling it in 2010 for $155.5 million. Prior to the most recent sale, the Hilton saw upgrades to its guest rooms, restaurants and event space.
The Hyatt Hotels Corp. will continue to operate the hotel, which is also home to the Oceanaire Seafood Room.