Hyatt Hotels Corporation sold five select service hotels for approximately $53 million. The transactions closed in December 2014. As part of the sales, Hyatt entered into franchise agreements with the purchasers, with all hotels retaining their existing Hyatt Place branding. The purchasers intend to spend approximately $6 million in additional capital expenditures at the hotels.
These sales are consistent with the Hyatt’s asset recycling strategy – selling selected hotels, maintaining brand presence by entering into new management or franchise agreements with the purchasers, and re-investing sales proceeds into new hotels and other growth opportunities.
The five hotels are located throughout Texas, North Carolina and South Carolina. NewcrestImage purchased two hotels in Texas, and BPR Properties purchased three hotels in North Carolina and South Carolina.
Hyatt Place Dallas/Plano (127 rooms): The hotel is located along the Dallas Platinum Corridor office district. There are 40 million square feet of office space within five miles of the hotel, including the corporate headquarters of J.C. Penney, the Dr. Pepper Snapple Group, Frito-Lay, Pizza Hut and Mary Kay.
Hyatt Place San Antonio-Northwest/Medical Center (126 rooms): The hotel is located along Interstate 10, directly adjacent to the 288-acre headquarters campus complex of United Services Automobile Association. Also within five miles are the headquarters of Valero Energy, the University of Texas at San Antonio campus with 37,000 students and the 900-acre South Texas Medical Center.
Hyatt Place Greensboro (124 rooms): The hotel is located near the Joseph S. Koury Convention Center, the Greensboro Coliseum Complex, the University of North Carolina at Greensboro and the Wendover Place and Wendover Village shopping centers.
Hyatt Place North Raleigh-Midtown (127 rooms): The hotel is three miles outside of downtown Raleigh and offers access to Duke Raleigh Hospital and offices for IBM, First Citizens Bank and Itron, as well as North Hills Mall.
Hyatt Place Columbia/Harbison (127 rooms): The hotel is located outside of downtown Columbia and is near Harbison State Forest, Columbia Museum of Art, Lake Murray and more than 20 championship golf courses. The hotel is also near the Palmetto Health Parkridge and the Palmetto Health Heart Hospital, as well as offices of Intel, SCEG and Westinghouse.