Friday June 28th, 2013 - 11:06AM
SANTA BARBARA, CA—Chesapeake Lodging Trust and Hyatt Hotels Corporation have announced that the Chesapeake Lodging Trust has acquired the fee simple interest in the Hyatt Santa Barbara and two adjoining properties totaling 200 rooms from a Hyatt affiliate for $61.0 million, or approximately $305,000 per key.
Chesapeake Lodging Trust entered into a management agreement with HEI Hotels and Resorts to operate the hotel under a franchise agreement with a Hyatt affiliate.
The property is comprised of the 171-room Hyatt Santa Barbara, the 24-room Parkside Inn and a five-villa apartment building that is currently used for long-term, monthly lease stays. Hyatt Santa Barbara is made up of four historic, three-story Spanish colonial buildings that have been carefully restored and are primarily located across from the Santa Barbara beach along East Cabrillo Boulevard.
The hotel offers well-sized guestrooms, including five suites that average over 700 square feet, 10,000 square feet of flexible meeting space, a full-service restaurant and lounge, a recently created full-service spa, a heated outdoor pool and whirlpool, a business service center and a large state-of-the-art fitness center.
Hyatt recently completed a $12 million renovation of the property, addressing all guestrooms, corridors, meeting spaces and the registration lobby. The trust will reposition the restaurant and bar with a new design and service concept, drawing inspiration from the picturesque ocean front beach views.