Davidson Hotels & Resorts has expanded its portfolio with the addition of Hyatt Regency Monterey Hotel and Spa, a 550-room full-service resort in Monterey, California, US.
The property, which will continue to operate under the Hyatt Regency brand, will be managed by Davidson Hotels & Resorts.
An affiliate of hospitality-related real estate investment firm Fairwood Capital will own the property.
Fairwood Capital managing director Todd Solmson said: "We are excited to embark on our third project with Davidson, leveraging their unrivaled experience with Hyatt.
"Davidson has been a tremendous operating partner of ours for many years and together we will implement a comprehensive plan to elevate the asset and guest experience in this beautiful property."
Hyatt Regency Monterey Hotel and Spa, which is located in the centre of the California Highway 1 corridor, is placed within a 22-acre property.
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Davidson president and chief executive officer John Belden said: "The Fairwood team has proven to be exceptional investors and asset managers and we know they will be a strong addition to the Hyatt franchise community.
"This will be our 11th full-service Hyatt hotel and we have tremendous confidence in the brand, its positioning and its strong offerings. Hyatt has been an important part of the Monterey community and together with Fairwood we will create an exciting new future for the property."
Davidson and its lifestyle and luxury operating division Pivot Hotels & Resorts, is one of the industry's preeminent hotel operators, specialising in branded and lifestyle full-service and upscale urban select-service hotels.