CalPERS filed suit against Hyatt Corp., Chicago, seeking $9 million in damages and claiming revenue was lost due to irregularities in the management of a Hyatt Regency Hotel in Indianapolis.
The suit was filed in U.S. District Court in Wilmington, Del., by National Office Properties LP, which is owned by the $175 billion California Public Employees Retirement System, Sacramento. National is a joint venture, with Hines as general partner. Hines manages the National portfolio of properties, valued at $1.6 billion as of March, according to CalPERS. National owns the downtown National City Center, which includes the hotel.
CalPERS and Hines spokesmen said officials wont comment on the suit. A Hyatt spokeswoman didnt respond to a request for comment.