Abu Dhabi-based Hydra Developments has ditched plans for building luxury condos near Bellevue’s Downtown Park in exchange for a boutique hotel at the same location.

The 75,000-square-foot Bellevue Park Hotel, expected to open in 2012, will include 100 guest rooms, a 60-seat restaurant, and 4,500 square feet of meeting space.

The original project, called Essex on the Park, was going to be a 32-unit condo complex targeting upper-income buyers.