Hyatt, Starwood form joint venture

Hyatt, Starwood form joint venture

Hyatt Hotels Corporation announced that a Hyatt affiliate entered into an agreement with affiliates of Haberhill and Starwood Capital Group Global to form a joint venture. This new joint venture has taken ownership of Hyatt Regency Minneapolis and has signed a long-term agreement with a Hyatt affiliate to manage the hotel.

The joint venture plans a $25 million renovation of the hotel’s guest rooms, suites, public areas, restaurants, meeting space, and building systems which will make its total investment approximately $75 million. The renovation and repositioning of the hotel is expected to be completed by 2012.