IALG Adds Two Andaz Hotels to Portfolio
Monday September 23rd, 2013 - 11:00AM E
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OAK BROOK, IL—Inland American Lodging Group, Inc. (IALG), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., has acquired a portfolio of two Andaz hotels for roughly $115 million. The hotels are located in Napa, CA, and Savannah, GA.
These will be the second and third Andaz hotels in Inland American’s portfolio, following the purchase of the Andaz San Diego completed earlier this year. A Hyatt affiliate will continue to manage both hotels.
“The purchase of these hotels further exemplifies our strategy of seeking continued improvement in the quality and performance of our portfolio through targeted acquisitions, selective dispositions, superior asset management and thoughtful capital improvements,” stated Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc.
The five-story Andaz Napa features 141 rooms, including 89 oversized lofts and suites. Constructed in 2009 and branded as an Andaz in 2012, the hotel offers 6,800 sq. ft. of meeting and event space and a 4,200-sq.-ft. outdoor terrace. The property is located in downtown Napa’s West End district near shopping, dining and entertainment venues.
Andaz Savannah, which was built in 2009 and branded as an Andaz in 2012, features 151 rooms on six floors, including 68 lofts and suites, and 6,700 square feet of meeting and banquet space. The property is located in Savannah’s historic district, within walking distance of major attractions including historic neighborhoods, the City Market and Boughton Street.
Tags: Andaz • Hyatt • Savannah • Napa • Andaz Napa • Andaz Savannah • Inland American Lodging Group Inc • IALG • Inland American Real Estate Trust Inc • Hospitality • Acquisitions •
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