Hyatt not for sale





STATUS QUO—The Hyatt Westlak Plaza in Thousand Oaks is off the market. The hotel’s owner changed his mind about selling the property.

STATUS QUO—The Hyatt Westlak Plaza in Thousand Oaks is off the market. The hotel’s owner changed his mind about selling the property.

The owner of the Hyatt Westlake Plaza in Thousand Oaks has changed its plans to sell the hotel.

During a presentation at the annual City Council goal-setting meeting on March 24, John Prescott, the city’s community development director, said the hotel at 880 S. Westlake Blvd. was for sale. But Connecticutbased Wheelock Street Capital LLC, which purchased the Hyatt in 2011, has since decided to keep the property.

“We’re having a great year and decided not to sell,” Al Hatfield, vice president of asset management at Wheelock Street Capital, told the Acorn. “It’s a great hotel. We like the market a lot.”

Last year, the planning commission approved a plan for additions throughout the hotel, including a five-story, 68-room guest wing, a three-level parking structure, a bigger ballroom, a larger pool and a remodeled health spa.

The permit to do the work expires in April 2017 but could be extended.

Hatfield said there are no immediate plans to expand the hotel.

“We do have a long-term permit to expand, which would include more guest rooms and potentially more parking,” he said. “We’re retaining the rights to do that, although there is no one actively working on the design or the construction of that expansion. But we want to make sure we have the ability to do that, should we choose to.”

Plans to expand the hotel were first approved in 2006 under a previous owner, but that permit expired.

The Hyatt recently underwent a $2-million renovation, which included new carpeting, and paint and furniture in the guest rooms and hallways.


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