The 24-storey Hyatt Regency hotel in Birmingham has been sold to an affiliate of an Abu Dhabi-based investment firm for £38.6m.
The deal involving the affiliate of Bin Otaiba Investment Group will see the four-star, 319-room hotel retain its Hyatt Regency branding and the purchaser is expected to inject an additional £2.7m in capital expenditure to improve the property over the next three years.
"We are delighted to work with Bin Otaiba as we continue growing through our asset recycling strategy," said Steve Haggerty, Hyatt's global head of capital strategy, franchising and select service.
"This transaction allows us to retain brand presence in the market and expand our relationship with an owner who is investing in the Hyatt Regency brand."
The hotel offers access to the city's International Convention Centre (ICC) via bridgeway, and regularly hosts events that include the annual conferences of major political parties. It is also across from Birmingham's Symphony Hall and 10 minutes by train to Birmingham-Shuttlesworth International Airport and the National Exhibition Centre (NEC).
There are 168 Hyatt Regency hotels in over 30 countries. Hyatt Hotels Corporation, headquartered in Chicago, has 12 brands and 667 properties in 54 countries, as of 30 June 2016.