[Source: Jahna Berry, Arizona Republic, July 10, 2008] — The Hyatt Regency Phoenix, a 696-room fixture in the city skyline, was sold to California real estate investment firm for $96 million, the parties announced on Wednesday. The hotel’s owner, Strategic Hotels & Resorts, Inc. sold the property to DiNapoli Capital Partners in Los Angeles. “This transaction demonstrates the strong investor interest in well-maintained, institutional quality lodging assets,” said Romy Bhojwani, a senior vice president for Jones Lang LaSalle Hotels.
Jones Lang La Salle Hotels was the broker for the transaction. DiNapoli Capital Partners plans to invest “significant capital” to renovate the hotel.
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