Downtown Phoenix Hyatt hotel sells for $107 million

Downtown Phoenix Hyatt hotel

By Catherine Reagor and Dawn Gilbertson The Republic

The iconic Hyatt Regency Phoenix, one of downtown’s biggest hotels, sold for $107 million Thursday.

The buyer was an investor group led by Chicago-based Gem Realty, according to public real-estate records. Los Angeles-based DiNapoli Capital Partners, which bought the hotel for $96 million in 2008, sold the property.

The 41-year-old Hyatt, with its revolving Compass restaurant on the 24th floor, is a downtown institution. But the 693-room hotel has seen increased competition over the past several years.

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