An investment fund managed by Trinity Fund Advisors LLC, an affiliate of Honolulu-based Trinity Real Estate Investments LLC, has acquired the Hyatt Regency Greenwich.
The financial terms of the transaction were not disclosed. Trinity stated it would enact a capital improvement plan on the 373-key hotel that would encompass a multi-million-dollar renovation of the four-story hotel”™s guest rooms, lobby and meeting space. Trinity also plans to enhance the hotel”™s amenities, replace the existing restaurant with a grab-and-go market and re-concept the existing Gazebo Bar located in the hotel”™s central atrium.
“This transaction represents a unique opportunity to acquire a market-leading full-service hotel at a discount to replacement cost and establish Trinity”™s presence in the New York metropolitan area,” said Sean Hehir, managing partner, president and CEO of Trinity. “We are pleased to expand our relationship with Hyatt, and we look forward to leveraging our value-add experience and capabilities to enhance this exceptionally well-located hotel.”
The hotel, which is the only branded lodging establishment in Greenwich, was built in 1921 and originally functioned as Conde Nast”™s printing press until 1967; it was redeveloped as the Hyatt Regency Greenwich in 1986.
Photo courtesy of Hyatt
If anyone from Trinity is reading this, please strongly consider only adding grab and go but not changing or subtracting from the full service restaurant. Having lived as a guest at that specific property for a while and having worked in hotels and country clubs I feel confident in saying that it would be a mistake because it detracts from a potentially luxurious routine of waking up, swimming and/or fitness, followed by a civilized, sit down a la carte or buffet breakfast with a complimentary newspaper. If it costs more to maintain, accept it as the cost of doing business and make up for it with tight management and other profit strategies. Thanks.
Agreed