The Irvine Co.'s Resort Properties division is assuming management of the Hyatt Regency Irvine as the group continues to expand.
The Newport Beach-based Irvine Co. has reached an agreement with Hyatt Hotels Corp. to take over management and rebrand the property as Hotel Irvine Jamboree Center by December, said Mike Lyster, vice president of corporate communications for the Irvine Co.
The 536-room hotel is in the Jamboree Center, an Irvine Co.-owned property that offers 1.6 million square feet of office space.
The rebranding is designed to align the hotel with the neighboring office complex, Lyster said.
The company also owns and operates three apartment communities and a shopping center near the hotel, as well as Island Hotel Newport Beach, which it took over from the Four Seasons eight years ago, and The Resort at Pelican Hill.
"Our resorts division has grown significantly in the last decade," Lyster said. "We felt this was a good time to take on management of the Hyatt."
Lyster declined to disclose the price the Irvine Co. paid to take over the hotel.
The Irvine Co. built the structure in 1985 after seeing a need for a hotel to serve the business and recreational community in the area. The hotel was operated by Hilton Hotels until Hyatt Hotels took over in 1990.
All Hyatt Regency Irvine reservations and confirmed bookings for guest rooms, banquets, meetings and conferencing will be honored, according to a news release.