New Owner Plans $16.8 Million Hyatt Regency Renovation
The Hyatt Regency Green Bay transaction signals a shift toward aggressive capital investment to improve annual occupancy rates.
Updated on Oct. 26, 2026 in Hospitality
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Rushi Shah, CEO of Mag Mile Capital, completed the purchase of the Hyatt Regency Green Bay and neighboring convention center operational rights for $8.4 million in July 2026. The acquisition follows a period of volatile ownership for the 1985-built property, which now faces a $16.8 million renovation plan.
Why it matters
The deal signals investor confidence in Green Bay's limited hotel supply, with the new owner aiming to reverse years of depreciation through significant capital improvements. The move highlights the broader industry strategy of leveraging specialized management firms to stabilize assets with consistent, albeit modest, current occupancy.
The property was acquired for $8.4 million, nearly doubling the $4.5 million price paid in 2024, yet remaining significantly below the $11.3 million valuation from 2020. The current 60% occupancy rate serves as the baseline for the new ownership's growth targets.
The players
Rushi Shah
CEO of Mag Mile Capital who is focusing on long-term hospitality portfolio expansion.
Scarlett Hotel Group
The hotel management company that maintains operational oversight of the property.
Josh Schoggins
The general manager responsible for day-to-day operations at the Hyatt Regency Green Bay.
Mag Mile Capital
A family investment firm currently active in the acquisition of hospitality real estate.
One Management Bank
The financial institution providing capital for the hotel's ownership transition.
The details
Scarlett Hotel Group facilitated the sale after a three-month negotiation period and continues to serve as the hotel management company. Rushi Shah intends to deploy $16.8 million into interior renovations and aggressively target a higher volume of events to move the facility beyond its current level of 200 annual bookings. One Management Bank is financing the acquisition to support these operational shifts.
Timeline
1985: The hotel building was originally constructed.
2020: A Hyatt subsidiary purchased the property for over $11.3 million.
2024: Scarlett Hotel Group acquired the hotel for $4.5 million.
July 2026: Rushi Shah finalized the $8.4 million purchase of the hotel and convention center rights.
Market Landscape
The 2026 transaction marks a sharp valuation recovery compared to the 2024 Scarlett Hotel Group acquisition of the Hyatt Regency Green Bay. This development follows a pattern of localized asset consolidation in markets where supply constraints provide a buffer for long-term investors.
Operators should monitor the upcoming renovation timeline as a bellwether for local hospitality sector investment levels. The shift toward higher event volume targets suggests a potential increase in competitive pricing for business and convention bookings in the Green Bay area.
The takeaway
The sharp increase in purchase price relative to the 2024 sale underscores the volatility of hotel asset values in secondary markets. Owners should track the occupancy rate of this property as a benchmark for local demand stability in the coming quarters.
Further reading
For broader trends on property management, see Hospitality.
Source note: This article includes information reported by Green Bay Press-Gazette.
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