A private equity group and a hotel company reported Thursday its joint purchase of the Hyatt Regency Newport hotel from Chicago-based Global Hyatt Corp. Terms of the transaction were not disclosed.
Amstar Group and Davidson Hotel Co. plan to spend $23 million to renovate the 264-room hotel on Newport’s Goat Island. In the past 15 months, Amstar and Davidson have partnered to spend $250 million on hotel acquisitions and upgrades, including the purchases of the Pasadena Hilton in Pasadena, Calif., and the Hilton Alexandria Mark Center hotel in Alexandria, Va.
Amstar, a Denver-based private equity group, has acquired, developed or sold more than $2.2 billion of real estate. Memphis-based Davidson owns and manages 26 upscale hotels across the country.
