$122M revamp for Hyatt

The management will do all in its power to ensure that the hotel maintains it standards by constantly reviewing the maintenance and ensuring that the necessary works are carried out.” Under examination by the committee members, including UNC Senator Wade Mark, Garcia said under the hotel’s management agreement, every five years a refurbishment must take place. Additionally, there is a $51 million reserve fund “for maintenance” or capital development and a $280 million fund for similar purposes.

“Notwithstanding that, the board recently awarded a refurbishment contract to Bouygues Batiment to undertake major refurbishment and upgrade works to the Hyatt Regency in the sum of $122 million,” Garcia said.

In a later interview with Newsday, Garcia said “a lot” of the revenue earned by the hotel through functions comes from various government agencies holding events there.

Asked how much profit Hyatt makes, the Udecott chairman said, “I can’t give the figure right now but what I could say is Hyatt is very profitable.

The investment has more than paid back for itself. Yes, a lot of the functions there are government-related.

But those functions would have gone elsewhere.” Garcia said Hyatt is popular with local and foreign tourists.