CHICAGO--(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 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.