Hyatt, which late last month said it was in talks to acquire the Hotel Nikko Mexico
, reached an agreement to buy the 756-room property for about $190 million, and will reflag the hotel as the Hyatt Regency Mexico City.
Hyatt will invest about $40 million over three years on renovations, and shrink the property’s room count to 734 rooms by combining some of the existing rooms into suites.
The property will have about 30,000 square feet of public meeting space as well as three restaurants and a lobby bar.
The Hotel Nikko, which was built in 1987, is currently managed by JAL Hotels under the Nikko Hotels International brand. The 38-story property is in Mexico City's business district of Polanco, overlooking Chapultepec Park and Paseo de la Reforma Avenue.
The acquisition will bring the number of Hyatt hotels in Mexico to four. There are Hyatt Regency properties in Cancun, Merida and Villahermosa. Follow Danny King on Twitter @dktravelweekly.