Hyatt Hotels has sold its Grand Hyatt Tampa Bay property for US$58.8m (£36.5m), to a client of the US real estate business of UBS Global Asset Management.

In conjunction with the sale, UBS has signed a long-term management agreement with Hyatt to operate the hotel as Grand Hyatt Tampa Bay and will also be funding a two-year revamp of the entire 445-room property. Stephen Haggerty, Hyatt's global head of real estate and development said: "The sale of Grand Hyatt Tampa Bay supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under represented.

"While Hyatt expects to be in the market from time to time to buy and sell properties, we will maintain our presence in Tampa Bay with the Grand Hyatt, which we will continue to manage." The 14-storey hotel is located inside a 35-acre (14.2 hectares) nature preserve on the shores of Old Tampa Bay; facilities include two outdoor pools, two hot tubs, outdoor lighted tennis courts, a health club and three restaurants.