Canberra Hyatt Sold for $80mil

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.

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.

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.

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.