Hotel operator to sell troubled Grand Hyatt; San Antonio off the hook for bond payments
Hyatt Corp. plans to sell the Grand Hyatt downtown to an Arizona nonprofit in a deal that would take the city financially off the hook for keeping the troubled hotel afloat.A company affiliated with Community Finance Corp. of Tucson would acquire the Grand Hyatt and hold it in a trust for the city. Up to $450 million in bonds would be issued by the Public Finance Authority of Wisconsin to finance the transaction.
As the pandemic ravaged the city’s convention industry, occupancy and revenue at the Grand Hyatt plummeted and the hotel shut its doors for five months. The city made about $10.4 million in debt payments to help keep the hotel afloat. Hyatt will continue operating the hotel under a 30-year agreement with Community Finance Corp., which would lease the land under the hotel from the city. The bonds are scheduled to be paid back over 40 years and then ownership would transfer to the city.
Hyatt approached the city prior to the pandemic about finding a new owner, said city manager Erik Walsh and chief financial officer Ben Gorzell.A breakdown of key state and local races and candidates on the March 1 ballot.
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