The Irvine Company has sold the 541-room Hotel Irvine to Hyatt Hotels for $135 million, marking the second priciest hotel deal in Orange County year to date.
It’s a return to the Hyatt name for Hotel Irvine, which was known as the Hyatt Regency Irvine from 1986 to 2013.
“Hyatt has been selected to acquire and manage the Hotel Irvine property,” the Irvine Co. said in a statement. “We’re pleased that Hyatt’s world-class standards will continue to offer the quality experiences found at this premier location.”
The deal, which works out to about $249,537 per key, comes about a year after the Irvine Co. said it was looking for a new hotel operator for two of its local properties, including Hotel Irvine and Fashion Island Hotel.
It traded the latter hotel in a $145 million ground lease transaction in February to Eagle Four Partners and Montage International.
Irvine Co. now manages just one local hotel property: the Resort at Pelican Hill.
For more on the sale, see Monday’s Business Journal print edition.
