LAX Hyatt Regency changes hands for $75M
Carpenters union fund buys 508-room hotel from Amalgamated Bank
The Hyatt Regency at LAX Airport has been sold, and the new owner shouldn’t have any trouble finding help when there’s maintenance to be done — it’s a trust fund operated by a carpenters union.
The Southwest Carpenters Trust Fund bought the 508-room hotel for $75 million from Amalgamated Bank, The Real Deal has learned. The fund, which represented more than 57,000 carpenters across six states, confirmed the price of the deal.
Operator Prism Hospitality will continue to manage the property.
New York-based, union-owned bank Amalgamated Bank bought the hotel, then branded as a Radisson, through a foreclosure in 2014 for $35 million, according to records.
The hotel was rebranded as a Hyatt Regency in 2016 and underwent a $75 million renovation a few months after, adding a 35,000-square foot conference center and ballroom, Hyatt and Prism said at the time.
Next door, Kennedy Wilson bought the 724,066-square-foot QuikPark parking garage for $85 million in 2019, records show.
Amalgamated Bank has tried to offload the property over the last few years before the pandemic, according to a source familiar with the deal.
But as the pandemic has started to ease, investors and developers are now buying up hotels in Los Angeles in the hope that travel will soon return. Earlier this month, Braemar Hotels & Resorts entered the L.A. market with its $78 million purchase of the Mr. C Beverly Hills hotel. Stockdale Capital bought the J.W. Marriott in Santa Monica last month, also for $75 million.