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A Hyatt Regency site in Connecticut, USA, is scheduled for a multi-million dollar refurbishment after being acquired by an investment fund managed by Trinity Fund Advisors, an affiliate of Trinity Real Estate Investments.
The 373-key Hyatt Regency Greenwich is the largest and only branded full-service hotel in Greenwich.
Capital improvement plan
Trinity’s capital improvement plan calls for renovation of the four-storey hotel’s guestrooms, lobby, and meeting space. Trinity also plans to enhance the hotel’s amenities, replace the existing restaurant with a grab and go market, and re-concept the existing Gazebo Bar located in the hotel’s central atrium.
The investment firm believes these efforts will elevate the hotel’s appeal among hotel guests and local residents, making it an attractive venue for weddings, bar mitzvahs, social gatherings and corporate events.
The property resides on a 14-acre site adjacent to I-95 and between Greenwich and Stamford in Fairfield County. The hotel housed famed publisher Conde Nast’s printing press between 1921 and 1967 and was redeveloped to Hyatt Regency Greenwich in 1986. It has since gone through numerous renovations, and currently features 35,000 sq ft of meeting space, an indoor swimming pool, fitness centre and salon.
Unique opportunity
Sean Hehir, managing partner, president and CEO of Trinity, commented: “This transaction represents a unique opportunity to acquire a market-leading full-service hotel at a discount to replacement cost and establish Trinity’s presence in the New York metropolitan area. We are pleased to expand our relationship with Hyatt, and we look forward to leveraging our value-add experience and capabilities to enhance this exceptionally well-located hotel.
“We believe our capital improvement plan, combined with strong population inflows and a lack of any full-service hotels under construction within a 15-mile radius, positions Hyatt Regency Greenwich to enjoy an increase in both business and leisure demand.”
Further enhancement
Pete Sears, Americas group president, Hyatt, said: “Hyatt Regency Greenwich delivers a seamless travel experience for guests, World of Hyatt members, and customers in the heart of Connecticut’s Old Greenwich, and we are pleased to continue managing this property under a long-term management agreement for many years to come. We look forward to working with Trinity as they remain committed to further enhancing the guest experience and help us usher in the hotel’s next elevated chapter.”
Other Hyatt Regency refurbishments underway across the US include Hyatt Regency San Francisco due for completion in Q1 2023, then two further projects scheduled to finish in Q4 2023 – Hyatt Regency Las Vegas and Hyatt Regency Hill Country Resort & Spa in San Antonio.
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Hyatt Regency offers a full range of services and dining options tailored to the needs of leisure guests, business travellers and conventions of all sizes.
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