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Gem Realty acquired the 693-room Hyatt Regency Phoenix hotel in Downtown Phoenix, adjacent for the Phoenix Convention Center. The buyer paid $107M to California-based DiNapoli Capital Partners for the property, one of the largest hotels in the city. DiNapoli bought it in 2008 for $96M, the Arizona Republic reports.
The property has been a fixture in Downtown Phoenix since the 1970s, but it has more competition than it used to. Arizona’s largest hotel, the 1,000-room Sheraton Phoenix Downtown, is newer, as are the Westin Downtown Phoenix and the Hotel Palomar Phoenix, Downtown’s first Kimpton Hotel.
Chicago-based Gem is a privately held real estate investor. Some of its other U.S. hospitality holdings include the Waldorf Astoria in Orlando and the Sofitel in Los Angeles.
