The Hyatt Regency Green Bay sale is finalized. Here is what we know | Streetwise

GREEN BAY — Everwood Capital Partners and the Scarlett Hotel Group finalized the acquisition of the Hyatt Regency Green Bay and management of the KI Convention Center, according to a news release by Everwood.

The hotel, 333 Main St., in Green Bay, will be operated by Jessie Shelby, general manager of the Scarlett Hotel Group. Under the new ownership, the property will undergo renovations that will modernize the facilities, the release said.

Everwood merged with Scarlett Hotel Group earlier this year to combine resources, knowledge and expand their portfolio in the hospitality sector. The company has offices in Chicago, Charlotte, Nashville, Indianapolis, and Orlando. Scarlett oversees a portfolio of 18 hotels with 2,795 rooms across the nation; hotel franchises include Hyatt, Marriott, Hilton, Choice, and IHG Hotels & Resorts.

Robbie Thomashow, vice president of acquisitions at Everwood said the Hyatt presents an exciting opportunity in close proximity to iconic landmarks such as Lambeau Field and the Riverwalk.

“We are committed to revitalizing this venue to create unforgettable experiences for local events, including meetings and weddings, and to cater to the diverse needs of our guests utilizing the expansive 100,000 square feet of adaptable meeting space. We are especially thrilled to be hosting next year’s NFL draft, among other prestigious events," Thomashow said in the release.

As previously reported by the Green Bay Press-Gazette, the company will spend roughly $40,000 per room; the hotel has 241 guest rooms and over 100,000 square feet of meeting and event space.

The city of Green Bay also approved an extension for an agreement between the Hyatt Regency and the city for the managing of the KI Convention Center, which is owned by the city. The agreement, which dates back to 1999, will transfer operator responsibilities to the new owner of the hotel.

This agreement includes a one-time payment of $100,000, with $25,000 going to the marketing of the center, and an increase in the guaranteed annual revenue payment to $325,000 from $271,273. This amendment extends the agreement until 2030.

Ariel Perez is a business reporter for the Green Bay Press-Gazette. You can reach him at APerez1@gannett.com or view his Twitter profile at @Ariel_Perez85.

This article originally appeared on Green Bay Press-Gazette: The Hyatt Regency Green Bay is acquired by a Chicago firm