The Irvine Company has sold the shuttered 541-room Hotel Irvine to Hyatt Hotels for $135 million, as the Chicago-based company buys back the Hotel it once owned as the Hyatt Regency Irvine. The transaction for the 14-story property works out to $250,000 per room, making it the second most expensive deal of 2022 in Orange County.

Hyatt plans on doing an extensive hotel-wide renovation on the 587,000-square-foot property located on Jamboree Road in Irvine, CA, and will rebrand it once again as the Hyatt Regency, although the firm did not say when it would reopen. Hyatt manages, but does not own, two other properties in Orange County both near John Wayne Airport.

The Irvine Company now manages just one OC hospitality property, the Resort at Pelican Hill in Newport Beach. In February, the firm sold the Fashion Island Hotel for $145 million.

The post Hyatt Hotels Buys Hotel Irvine for $135M appeared first on Connect CRE.

Gillian Executive Search is a leader Hospitality, Hotel, Resort Development, Financing, Design and Construction recruiting.