Hyatt Announces Sales of Five Select Service Hotels
15 January 2015 - 8:45AM
Business Wire
Hyatt Hotels Corporation (NYSE: H) today announced the sales of
five select service hotels for a total gross sale price of
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 a total of
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 (USAA), a Fortune 500 financial services firm. 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 a short distance from the Joseph S. Koury
Convention Center, the Greensboro Coliseum Complex, the University
of North Carolina at Greensboro, and Wendover Place and Wendover
Village shopping centers.
- Hyatt Place North
Raleigh-Midtown (127 rooms): The hotel is just three
miles outside of downtown Raleigh and offers convenient 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 just outside of downtown
Columbia and is just a short drive from popular destinations,
including 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.
The term “Hyatt” is used in this release for convenience to
refer to Hyatt Hotels Corporation and/or one or more of its
affiliates.
About Hyatt Place
Launched in 2006, the Hyatt Place brand brings to the upscale
service hotel category the authentic hospitality for which Hyatt is
known. Inspired by multitasking travelers’ 24/7 lifestyle, Hyatt
Place hotels combine style with casual hospitality. Featuring
spacious guestrooms with the Cozy Corner, Free Wi-Fi everywhere,
the 24/7 Gallery Menu, Coffee to Cocktails Bar, and Free Hot
Breakfast for guests. The Odds & Ends program also has guests
covered with items they may have forgotten and can buy, borrow or
enjoy for free. Specially trained Gallery Hosts are on hand to
offer assistance with everything from directions to check-in to a
freshly made meal.
Hyatt Place, a brand of Hyatt Hotels Corporation, offers more
than 200 locations in the United States, Armenia, China, Costa
Rica, India, Mexico, Puerto Rico, Netherlands, and United Arab
Emirates. For Hyatt Place information or to make a reservation,
call 1-888-HYATT-HP (888-492-8847) or
visit www.HyattPlace.com.
About Hyatt Hotels
Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading
global hospitality company with a proud heritage of making guests
feel more than welcome. Thousands of members of the Hyatt family
strive to make a difference in the lives of the guests they
encounter every day by providing authentic hospitality. The
Company’s subsidiaries develop, own, operate, manage,
franchise, license or provide services to hotels, resorts, branded
residences and vacation ownership properties, including under
the Hyatt®, Park Hyatt®, Andaz®, Grand
Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®,
Hyatt Zilara™, Hyatt Ziva™, Hyatt
Residences® and Hyatt Residence
Club® brand names and have locations on six continents. As
of September 30, 2014, the Company's worldwide portfolio consisted
of 573 properties in 48 countries. For more information, please
visit www.hyatt.com.
Forward-Looking
Statements
Forward-Looking Statements in this press release, which are not
historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Our actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements. In
some cases, you can identify forward-looking statements by the use
of words such as “may,” “could,” “expect,” “intend,” “plan,”
“seek,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “likely,” “will,” “would” and variations
of these terms and similar expressions, or the negative of these
terms or similar expressions. Such forward-looking statements are
necessarily based upon estimates and assumptions that, while
considered reasonable by us and our management, are inherently
uncertain. Factors that may cause actual results to differ
materially from current expectations include, among others, the
rate and pace of economic recovery following economic downturns;
levels of spending in business and leisure segments as well as
consumer confidence; declines in occupancy and average daily rate;
if our third-party owners, franchisees or development partners are
unable to access the capital necessary to fund current operations
or implement our plans for growth; changes in the competitive
environment in our industry and the markets where we operate; our
ability to access the capital markets; and other risks discussed in
the Company's filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 10-K, which filings
are available from the SEC. We caution you not to place undue
reliance on any forward-looking statements, which are made as of
the date of this press release. We undertake no obligation to
update publicly any of these forward-looking statements to reflect
actual results, new information or future events, changes in
assumptions or changes in other factors affecting forward-looking
statements, except to the extent required by applicable laws. If we
update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those
or other forward-looking statements.
Hyatt Hotels CorporationMedia Contact:Amy Patti312 780
5620amy.patti@hyatt.comorInvestor Contact:Atish Shah312 780
5427atish.shah@hyatt.com
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