Latest news: Notable Hyatt Regencys for sale; Hyatt extends talks with Playa

KKR, Gaw look to sell Tokyo Hyatt. New York City-based KKR and Hong Kong-based Gaw Capital Partners are in talks to sell the 712-key Hyatt Regency hotel in Tokyo to Japan Hotel Reit Investment for more than 100 billion yen (S$879.3 million), according to multiple media reports. The firms bought the hotel for an estimated 60 billion yen less than two years ago.

Mirae explores Waikiki Hyatt sale. Seoul-based Mirae Asset Global Investments Co. is exploring a potential sale of the Hyatt Regency Waikiki, according to a Bloomberg report. Mirae is working with JLL to approach would-be buyers for a transaction that could value the property at around $650 million, according to people familiar with the effort.

Hyatt extends exclusivity with Playa. Hyatt Hotels Corp. has extended its previously disclosed exclusivity agreement date with Playa Hotels & Resorts N.V., under which Playa has agreed to negotiate exclusively with Hyatt regarding potential strategic alternatives, which may include Hyatt’s acquisition of Playa. The exclusivity period has been extended through February 10.

HVMG launches new business. Atlanta-based third-party hotel operator and investor Hospitality Ventures Management Group has launched Elevate Renovations + Development, a third-party project manager and asset lifecycle services provider. Elevate oversaw the $19.6 million renovation and rebranding of The Darwin Hotel, part of IHG’s Vovo collection of lifestyle hotels.

Oyo invests £50M in UK. Oyo, the hotel chain founded by Indian billionaire Ritesh Agarwal, has revealed plans to invest £50 million in the U.K. over the next three years. The news comes after the group, which first entered the market in 2018, announced its goal towards the end of 2024 to open 40 new hotels in the U.K. Oyo, which has over 200 hotels, mostly in the budget segment in 65 cities in the U.K., said the investment will be on premium hotels.

Hotel101 makes NASDAQ move. Hotel101 Global Pte. Ltd. and JVSPAC Acquisition Corp., a special purpose acquisition company, announced the submission of a confidential draft registration statement on Form F-4 to the U.S. Securities and Exchange Commission in connection with their previously announced proposed business combination following the signing of a definitive merger agreement between Hotel101 and JVSPAC on April 8. Hotel101 is expected to have an equity value of over $2.3 billion following the completion of the transaction, which is expected to close in the first half of 2025. Upon closing, Hotel101, the hotel subsidiary of Philippine-listed DoubleDragon Corp., is expected to trade on the Nasdaq under the ticker symbol “HBNB.”