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Hyatt on Capitol Square Sells for $19.5 Million

Driftwood Hospitality Management, AGRE Re-open Downtown Hotel as Sheraton
September 7, 2011
Driftwood Hospitality Management LLC and Apollo Global Real Estate acquired The Hyatt on Capitol Square at 75 E. State St. in downtown Columbus for $19.5 million or $48,750 per room.

Upon the sale, the hotel re-opened as the Sheraton Columbus Hotel at Capitol Square. It is slated for an additional $9 million in renovations, with an expected completion date of fall 2012. The Sheraton brand is owned and operated by Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT).

Constructed in 1983, the 22-story, 380,000 square-foot hotel has 400 rooms. This was a court-appointed sale, in which Hertz Investment Group of Santa Monica was the seller.

Located across the street from the State Capitol, the Sheraton Columbus Hotel is also near the headquarters of several Fortune 500 firms including Nationwide Insurance, Limited Brands, Cardinal Health, American Electric Power and Huntington Bank. According to Starwood, this is one of more than 65 new hotels and 23,000 rooms the firm expects to add to the Sheraton portfolio over the next three years as part of a multi-year, $5 billion strategic expansion plan.

The listing agents were Adam McGaughy and John Nugent of Jones Lang LaSalle Hotels. Steve Johnson, executive vice president of acquisitions for Driftwood, represented the buyers.

For more information, please see CoStar COMPS #2170527.
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