Hyatt has high expectations for this property, which occupies the first 25 floors of a new 1,004-foot luxury condo tower. The company said it purchased the hotel from Extell Development Co. for $390 million. That comes to nearly $1.9 million a room—one of the highest prices ever spent on a hotel and the most that Hyatt has ever spent on a property. The new development will likely bring more demand for luxury chauffeured transportation in the area.
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