Hunter Hotel Advisors represented an unnamed institutional seller in the sale of the Hyatt Place Chesapeake, Va., to SAK Developers, a private investment group.
Marshall Hotels & Resorts of Salisbury, Md., will provide operations, accounting and sales and marketing services to the owner of the property going forward.
“This hotel is an exceptional model for the Hyatt Place brand and offers strong historic performance with future rate opportunity," David Perrin, VP at Hunter Hotel Advisors, said in a statement. "I am pleased to have represented Hunter and our client as we navigated the financial aspects of this sale.”
“This is the third of four Hyatt Place properties that Hunter will represent this cycle. The Hyatt Place franchise is highly sought after, and each location we have represented has had rigorous offer activity and short sale time, similar to 2017 performance. SAK Developers have expanded their portfolio with a strong asset,” Teague Hunter, president of Hunter Hotel Advisors, said in a statement.
The 119-room Hyatt Place Chesapeake opened in 2008 and underwent a renovation in 2017. The property is located near the corporate headquarters of Dollar Tree and the Oakbrooke Business & Technology Center, the latest addition to the region’s business district.