Trinity Investments Acquires Hyatt Regency Greenwich
Main Photo: The Hyatt Regency…latest addition to Trinity RE’s Fund
Date: October 2022
Name: Hyatt Regency Greenwich
Location: Greenwich, Conneticut, USA
Number of Keys: 373
Seller: TBA….The hotel was built up in the mid-1980s, on the grounds of the old Condé Nast campus. It has incorporated some elements of the old magazine-publishing complex, including the distinctive tower that anchors the corner of the hotel nearest the Post Road.
Buyer: Trinity Real Estates Investments LLC, a private real estate investment firm with a 26-year history. Based in Honolulu, Hawaii, with an office in Beverly Hills, California, Trinity has invested more than US $8 billion in the United States, Mexico, Europe, and Japan.
Trinity Fund Advisors LLC, announced the acquisition of Hyatt Regency Greenwich, a 373-key hotel located in Greenwich, Connecticut, one of the most affluent communities in the United States and a top commuter market to New York City. The hotel, which is the largest and only branded full-service hotel in Greenwich, is conveniently situated in a highly trafficked area and benefits from numerous demand generators.
Trinity’s capital improvement plan contemplates a multi-million-dollar renovation of the four-story hotel’s guest rooms, lobby, and meeting space. Trinity also plans to enhance the hotel’s amenities, replace the existing restaurant with a grab & go market, and re-concept the existing Gazebo Bar located in the hotel’s central atrium. Trinity 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.
“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,” said Sean Hehir, Managing Partner, President, and CEO of Trinity. “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.”
Hyatt Regency Greenwich resides on a 14-acre site adjacent to I-95 and between Greenwich and Stamford in Fairfield County. The hotel, which is a 50-minute train ride or under an hour drive from New York City, 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 square feet of meeting space, an indoor swimming pool, fitness center and salon.
“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,” said Pete Sears, Americas group president, Hyatt. “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.”
Fairfield County has ranked among the top 30 counties nationally for net migration since March 2020. Moreover, the Stamford/Danbury submarket, where the hotel is located, currently benefits from an imbalance of supply and demand caused by numerous hotel closures in the Connecticut and Westchester County submarkets. “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,” said Hehir.
Hyatt Regency Greenwich represents Trinity’s seventh hotel transaction since the final closing of Trinity GP Fund I L.P., Trinity’s inaugural fund, in 2021. These acquisitions include the EAST Miami, W Hollywood, Omni San Diego Hotel, Hyatt Regency Indian Wells Resort & Spa, and Four Seasons Resort Dallas at Las Colinas.
Price: Undisclosed
THPT Comment: Trinity adding another star property to their fund’s collection and a full refurb will no doubt be the add-value that the fund requires…Well done!
First Seen: Trinity press release
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