Inland American Real Estate Trust Purchases Hyatt Resort for $76M
Wednesday November 20th, 2013 - 9:55AM EBAH
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KEY WEST, FL—Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., has purchased Hyatt Key West Resort and Spa located here, from a Hyatt Hotels Corporation affiliate for $76 million.
The resort will continue to be managed by Hyatt under a new management agreement. This acquisition represents the 14th hotel purchased by Inland American this year and the seventh Hyatt-managed hotel or resort in its portfolio. In 2013, Hyatt has sold seven full-service hotels or resorts for more than $500 million.
"We are extremely pleased to have added Hyatt Key West Resort and Spa to our portfolio,” stated Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. “Key West is one of the most unique, consistent and highest average RevPAR hotel markets in the nation, and this high quality resort’s exceptional location, within easy walking distance of the area’s most popular attractions, should continue to drive strong returns on our investment.”
“We are delighted to broaden our relationship with Inland American while retaining long-term brand presence in a high barrier-to-entry market like Key West. Recycling our capital through transactions like this positions Hyatt to pursue strategic growth opportunities,” stated Stephen Haggerty, global head, real estate and capital strategy for Hyatt.
Hyatt Key West offers 118 guestrooms. Amenities at the hotel include Shor American Seafood Grill, Blue Mojito Pool Bar and Grill, Jala Spa, a heated outdoor swimming pool and whirlpool, a sundeck, poolside cabanas and a Hyatt Stay Fit Gym. It also features three meeting/event spaces totaling approximately 2,500 sq. ft.
Tags: Inland American Real Estate Trust • Hospitality • Amenities • Brands • Acquisitions • Ownership •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.