New owners of the Hyatt Regency Greenwich are planning major renovations

GREENWICH – New owners are planning major upgrades after buying the Hyatt Regency Greenwich, a historic building on the city’s border with Stamford.

The hotel, which frequently hosts fundraisers for local nonprofit organizations as well as social functions for area residents, was purchased by an investment fund managed by Trinity Fund Advisors LLC, which is a subsidiary of Trinity Real Estate.

“It’s the only full-service branded hotel in the area,” Sean Hehir, Trinity’s managing partner and president, told Greenwich Times. “Across our portfolio, we’re seeing what’s happening with the return of group businesses and the return of leisure travelers (from COVID-19). … That was a very compelling reason for us, and we also have a high regard for Hyatt as an operator and a brand, and we know that providing the capital needed to renovate the hotel will also strengthen its performance.

The sale of the 373-key hotel closed on Wednesday and the owners are preparing plans for a multimillion-dollar renovation of the four-story building, including updates to rooms, the lobby and the space of meeting. Trinity also plans to upgrade the hotel’s amenities, replace the existing restaurant with a take-out market, and “redesign” the Gazebo Bar in the hotel’s central atrium.

“Trinity believes these efforts will increase the hotel’s appeal to hotel guests and local residents, making it an attractive venue for weddings, bar mitzvahs, social gatherings and corporate events. “, the fund said in a statement.

There are two other hotels in town, the J House in Riverside and downtown Delamar along Greenwich Harbor, but Hehir noted that the Hyatt Regency Greenwich is the only one with a major name.

“We are very excited about this opportunity,” he said. “It’s a strong market, and it’s a first for us in Greenwich, a market we’ve been looking at for a long time.”

Hehir called the sale “a unique opportunity to acquire a market-leading full-service hotel at a discount” to the cost of building a new hotel as well as “establishing Trinity’s presence” in the area. metropolitan New York.

The selling price has not been disclosed. Hehir said, due to a confidentiality agreement with the seller. He said it’s “quite common” when the fund buys a hotel.

Trinity typically spends two months evaluating and “refining what the plan will be” after buying a hotel, he said.

“We haven’t defined the plans yet, but we are working on it,” Hehir said, adding that it is “always part of the business plan” to “spend huge amounts” to renovate a newly acquired hotel in order to “d address most aspects of the customer experience.

While the work is complete, the hotel will remain open, he said, with room work continuing on a floor-by-floor basis with “minimum disruption to guests and groups coming in for meetings”.

Trinity did not need to close any of its hotels to carry out renovations, Hehir said.

The history of the hotel

The hotel is located at 1800 E. Putnam Ave., on 14 acres of land in Old Greenwich which housed Conde Nast’s printing press between 1921 and 1967. The site was first developed into Hyatt Regency in 1986, and it has undergone several renovations. over the years, allowing for 35,000 square feet of meeting space, an indoor pool, fitness center, and lounge.

There are no plans to increase the size of the hotel, Hehir said. The Hyatt name will remain and he will continue to manage the hotel, he said.

“Hyatt Regency Greenwich provides a seamless travel experience for guests, World of Hyatt members and guests in the heart of Old Greenwich, Connecticut, and we are delighted to continue to manage this property under a management agreement. long term for many years to come.” Pete Sears, U.S. Group President for Hyatt, said in a statement, “We look forward to working with Trinity as they remain committed to further enhancing the guest experience and helping us usher in the hotel’s next elevated chapter. “

The Hyatt Regency Greenwich is Trinity’s seventh hotel transaction since 2021. According to the fund, other acquisitions include East Miami, West Hollywood, Omni San Diego Hotel, Hyatt Regency Indian Wells Resort & Spa in California and the Four Seasons Resort Dallas in Las Colinas in Dallas.

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