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.
