Le Méridien Delfina Santa Monica to Convert to Hyatt Centric

The Company recently reached an agreement with Hyatt Hotels & Resorts (“Hyatt”) to reflag its existing 315-room Le Méridien Delfina Santa Monica as the Hyatt Centric Delfina Santa Monica in mid-September 2024. This exciting conversion will include an approximate $16.0 million property refresh, commencing in the fourth quarter of this year, with expected completion in the second quarter of 2025. Hyatt is providing key money, offsetting a meaningful portion of the property refresh.

“We are thrilled that our lifestyle-oriented Delfina Santa Monica hotel will become part of Hyatt Centric,” noted Mr. Bortz. “After evaluating many alternative options, we determined that converting to Hyatt Centric was the optimal choice for this unique lifestyle-oriented property. We were already planning a refresh, and the additional scope to meet Hyatt Centric standards was relatively minor. This will be the only Hyatt-branded hotel in the desirable and high barrier-to-entry beachside Santa Monica hotel market, which should be a tremendous benefit for the property.”