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Downtown Phoenix hotel sells for $107M

An investor group led by Gem Realty has snapped up the Hyatt Regency Phoenix, one of the biggest hotels in downtown Phoenix, for $107 million, AZCentral.com reported, citing real estate records.

The 693-room asset was sold by DiNapoli Capital Partners, which had paid $96 million for the property in 2008, according to the report.

The 41-year-old hotel has a revolving restaurant on the 24th floor.