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 Office is a joint venture with Hines as general partner. Hines manages the National Office portfolio of properties, which was 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 won’t comment on the suit. A Hyatt spokeswoman didn’t respond to a request for comment.
