Hyatt Regency in foreclosure
The Dallas Morning News is reporting that Houston's Hyatt Regency is in foreclosure:
A year after Texas' biggest city opened a municipally financed convention center hotel downtown, the city's former flagship hotel – the Hyatt Regency – is being posted for foreclosure, officials confirmed Thursday.
"I can tell you the hotel's in foreclosure," general manager Don Henderson said.
The hotel will continue to operate. "Hyatt has a lease on the building well into the future," Mr. Henderson said. "We'll be around for a long time. This is a piece of real estate. It has absolutely no effect on us."
The news comes a little more than a year after the opening of the 1,200-room Hilton Americas adjacent to the George R. Brown Convention Center, and after a couple of years of low hotel occupancy rates in downtown Houston.
[snip]
The convention center hotel – a $285 million city-owned project – was not the only new hotel built in downtown Houston recently. Several properties opened in advance of the Super Bowl of 2004, raising downtown capacity from 1,800 rooms to 5,500 rooms.
Hotel occupancy rates averaged 52.9 percent in downtown Houston last year, well below the 60 percent that is considered healthy. The Hyatt, built in the 1970s and one of the older hotels downtown, reportedly had rates below 50 percent.
(Emphasis added)
RELATED: Was expanding the GRB Convention Center worth it?
Posted by Anne Linehan @ 02/18/05 06:54 AM | Print |
Previous Entry | Home | Next Entry
ADVERTISING
DISCLAIMER
All content © 2004-09, blogHOUSTON and the respective authors.
blogHOUSTON.net is powered by Nucleus.
Site design and Nucleus customization are by Kevin Whited.