A New Look

Release Date: Thursday, December 29th 2011

Host Hotels & Resorts, Inc. of Bethesda, Maryland, terminated its agreement to acquire the 888-room Grand Hyatt Washington, DC (1000 H Street) for $442 million this month, forfeiting its $15 million deposit. Not bad for Hyatt, originally approached by Host and in the midst of planned renovations totaling about $30 million. The hotel began refurbishing suites this year and expects they will be finished within the next 18 months. Just recently, its front drive was elevated to give the façade a fresh, new look and comply with Americans with Disabilities Act (ADA) requirements. Soon, lobby and public space work will begin, followed by plans to enlarge the Grand Club Lounge for Club Level guests and overhaul guestrooms come August. The 24-year-old hotel, in keeping with industry standards, has undergone several renovations over the years. As for Host, media reports stated it terminated the deal after its stock price fell, hampering the company’s ability to raise capital for the acquisition.