CBRE Hotels has acted for Hyatt on the sale of the Hyatt Regency Birmingham.
CBRE Hotels provided due diligence advice to an affiliate of Hyatt Hotels Corporation on the sale of the Hyatt Regency Birmingham to Bin Otaiba Investment Group for £38.6 million.
The hotel, which recently underwent a £5 million refurbishment, and will receive a further £2.7m investment over the next three years, is located in the city centre of Birmingham and includes 319 guestrooms, a restaurant, bar, ten meeting and event rooms, and a spa, including a 16 metre indoor swimming pool.
The hotel is operated under a management contract with a Hyatt affiliate and is directly linked to the International Convention Centre (ICC) and within walking distance from the city’s key attractions such as the Repertory Theatre and The Mailbox.
Michael Marfurt, CBRE Hotels, said: “This transaction confirms the growing interest from Middle Eastern capital for acquiring hotels and demonstrates the confidence in the strength of the UK regional market and city centre locations in particular.”