26 December 2008

Canberra Hyatt Sold for $80mil

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A story in todays CT annouces the Canberra Hyatt Hotel has been sold for $80mil to a Thailand based group.

The Hyatt has been a major Canberra landmark since the 1920’s. I know lots of people have had weddings, formals and all sorts of events there that have been important in their lives. So what changes do people forsee from this sale?

There was also mention that the Albert Hall would be taken over by the Hyatt, and if I was the Canberra Croquet Club I’d be worried as well.

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Will the staff be wearing yellow or red tshirts???

VYBerlinaV8_the_one_they_all_copy said :

It would have been sold as a business, rather than as a ‘property’.

Really? I’ll be interested to see whether Global Hyatt Corp will license its brand to the new operators, or whether the name will be changed from Hyatt Hotel Canberra.

VYBerlinaV8_the_one_they_all_copy9:29 am 27 Dec 08

It would have been sold as a business, rather than as a ‘property’.

$80 million eh? I hope they’re in for the long term as that much will take a lot of years to recoup.

old canberran3:11 am 27 Dec 08

We had our wedding reception there 46 years ago. I wonder how many here had a beer at the bar that used to be at the back of the hotel. A real blood house it was when the mob from Hillside hostel used to drink there.
I just hope the new owners aren’t allowed to change the look of the place.

Having stayed there many times hopefully it will be cleaned up its seriously falling behind the 5 star quality level these days.

VYBerlinaV8_the_one_they_all_copy4:44 pm 26 Dec 08

Did they buy the ghosts as well?

Yeah, the usual arrangement with hotels is that one company owns and maintains the buildings (usually a property trust or group of investors) and another runs the operations of the hotel.

The Hotel Canberra premises have indeed changed hands a number of times, although the hotel operations have been run by the Hyatt for a long time now.

I believe the Hyatt Hotel Canberra has changed hands many times over the years, without any change to the Hotel or its buisness and I predict the same with this sale.

The hotel also has the catering contracts for the AWM and the NMA and these will likely be buisness as usual aswell.

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