Hyatt forms Gencom JV to co-own Miami hotel – South Florida Business Journal

Hyatt Hotels Corp. unit Hyatt Equities LLC sold the leasehold interest in the Hyatt Regency Hotel in downtown Miami for about $12.5 million to a 50/50 joint venture with Gencom, the South Florida Business Journal reported, citing an agreement approved by the Miami City Commission.

The new joint venture, HRM Owner LLC, will co-own and potentially redevelop the 615-room hotel at 400 S.E. Second Ave. The transaction included an $11 million loan from HRM Member LLC.

The potential redevelopment of the property will need a new lease negotiation with the city. If the plan fails to secure approval, the joint venture will concentrate on a major hotel renovation, according to the report.