June 04--Downtown's second-largest hotel, the Hyatt Regency St. Louis at the Arch, is on the market and might fetch a sale price of $137 million.
That's the word today from Real Estate Alert, which is reporting the story on its REAlert.com.
A Goldman Sachs joint venture is offering the Hyatt at the Arch, which could attract bids of about $150,000 per room, or $137 million, REAlert.com says. Goldman's Whitehall Street Real Estate fund owns the hotel in partnership with Chartres Lodging of San Francisco, the website adds.
The only larger hotel in downtown St. Louis is the nearly 1,100-room Renaissance Grand complex, which just got new owners.
REAlert.com says the Hyatt at the Arch is one of five hotels the Goldman team acquired in 2008 from HBE Corp. of St. Louis for $494 million. The St. Louis hotel underwent $67 million of renovations and switched its brand to Hyatt from Adam's Mark.
The hotel occupies a full block at Fourth and Chestnut street. Rooms, including 51 suites, have views of the Arch and the Mississippi River. Also in the hotel are restaurants and 80,000 square feet of meeting space.
Tim Bryant covers commercial real estate, development and other business stories for the Post-Dispatch. He blogs at Building Blocks, the Post-Dispatch development blog.