The four-star, 319-bedroom Hyatt Regency Birmingham is to undergo a £10m refurbishment following its acquisition out of administration by the Hyatt Hotels Corporation for nearly £27m.
Hyatt was one of the original co-owners of the property, which opened in 1990, but since 2002, the hotel has been operated under a third-party management agreement. The hotel went into administration after the owner defaulted on its £30m loan to Barclays.
Located adjacent to Centenary Square with a bridge link to the city's International Convention Centre, the 24-storey, glass-fronted hotel regular hosts the major political parties for their annual conferences. It is also close to Birmingham's Symphony Hall, the National Indoor Arena and the Mailbox and Bull Ring shopping centres.
Michael Gray, area director, UK and Ireland, said: "Hyatt has successfully provided management services for the hotel for many years and we are delighted that a Hyatt affiliate is once again the owner of this hotel, one of our key hotels in the UK. We believe that the hotel's excellent location and full range of services, event capabilities and dining options will continue to make this one of the city's very best places to stay and to hold an event, and we are very enthused about this investment in the property."
The Hyatt Regency Birmingham is home to the Aria restaurant, Pravda bar and newly-refurbished Amala Spa & Club.
Hyatt Hotels Corporation manage, franchise, owns and develops hotels and resorts under seven brands (Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt House). It currently has 496 properties in 45 countries.
"In an article published on catererandhotelkeeper.com, we stated that the holding company which owned the Hyatt Regency Birmingham had gone into administration following default on a loan of £30 million from Barclays. The article made reference to Mrs. Gulshan Bhatia, together with her son, Asif as being the persons who owned the holding company that had defaulted. It has now been pointed out to us that Mrs. Bhatia was not in fact an owner of the company, only her son, and that therefore she was not involved in the default on the loan. We apologise to Mrs. Bhatia for any implication that she was so involved, or was responsible in any way for the default."
By Janet Harmer
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