Hyatt Hotels Corp. is taking over management of the Aviara resort in Carlsbad, Calif., which was the heart of public and heated dispute with Four Seasons last year.
In a statement on Tuesday, Hyatt said that as of June 21 the property will become the Park Hyatt Aviara Resort, the 25th property operating under the Park Hyatt brand.
The agreement with Broadreach Capital Partners and Maritz, Wolff & Co. is still subject to lender approval, Hyatt said.
"Hyatt is delighted to be invited to manage this beautiful southern California resort," said Steve Haggerty, global head of real estate and development for Hyatt Hotels Corp. "We look forward to a long and successful relationship with the property's owners and expect a very smooth transition for Aviara guests as we introduce the personalized service and authentic hospitality for which Park Hyatt is known around the world."
The hotel owners had been in arbitration with Four Seasons after they went to court to try to evict Four Seasons last May, accusing the luxury hotel operator of breaching its fiduciary responsibility and mismanaging the 329-room luxury property. In a lawsuit, Broadreach sought tens of millions of dollars.
Four Seasons said the dispute concerned the 2009 operating budget for Aviara and the owners' "obligation to provide working capital necessary to fund debt service." It also accused Broadreach of "engaging in a misleading media campaign to defame Four Seasons."