Uptown Hyatt Place looks for new owner

Posted on July 30, 2019
A year ago, Bloomington-Normal had the lowest hotel occupancy rate in Illinois. (Photo courtesy JLL Hotels & Hospitality Group)

 

By Howard Packowitz

NORMAL – One of the two center piece hotels in Uptown Normal is up for sale four years after it opened for business.

The 114-room Hyatt Place at 200 Broadway Avenue is being advertised in an executive summary from JLL Hotels & Hospitality Group, on behalf of Hyatt’s current ownership.

There have been indications the Hyatt has had a tough time breaking into the local hotel market.  Two summers ago, Hyatt’s owners asked for a two-year partial rebate in hotel-motel taxes from the Normal Town Council, but abruptly withdrew that request after it received a flurry of negative comments on social media.

At the time, then-City Manager Mark Peterson said there was no danger of the Hyatt shutting down.  Peterson said the hotel had a well financed ownership group, but it was feeling the stress of a softening hotel market.

Employers were holding virtual training sessions, rather then sending workers out of town to attend conferences and seminars.

A year ago, Bloomington-Normal had the lowest hotel occupancy rate in Illinois.

However, the listing notes the local economy is looking up, given Amazon’s investment in Rivian Automotive helping make Hyatt Place a compelling buying opportunity.

Howard Packowitz can be reached at [email protected]

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