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Hyatt Expands Extended Stay Select Service Presence In North America

Hyatt Expands Extended Stay Select Service Presence In North America

Old Jul 14, 11, 4:21 pm
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Hyatt Expands Extended Stay Select Service Presence In North America

Hyatt Hotels Corporation (NYSE: H) announced today that one of its wholly owned subsidiaries has signed an agreement to purchase a portfolio of assets from LodgeWorks, L.P., a private hotel development, ownership and management company, and its private equity partners. The acquisition includes 24 hotels and related assets, including management, franchise and intellectual property rights for an aggregate purchase price of approximately $802 million in cash. Key members of the LodgeWorks management and development team are expected to join Hyatt as part of the transaction.

The hotels being purchased are key assets in strategic, high barrier to entry markets and are currently branded under the Hotel Sierra® (17), AVIA® Hotels (4), Hyatt Place® (1) and Hyatt Summerfield Suites® (2) brands. The acquisition will enable the company to introduce Hyatt-branded hotels in nine markets where it currently is not represented at all and to establish its extended stay presence in 16 new markets.

Following the transaction, 16 Hotel Sierra hotels will be branded as Hyatt Summerfield Suites, increasing the number of hotels in that portfolio from 38 to 54. Five properties, including the AVIA Hotels, are expected to be converted to full service Hyatt brands. The brand affiliations of Hyatt Summerfield Suites and Hyatt Place properties in the LodgeWorks portfolio will remain unchanged.

The hotels will be managed by Hyatt following the closing of the transaction, which is anticipated to occur in the third quarter 2011. The closing is subject to the satisfaction of certain customary closing conditions. The closings for the majority of the asset purchases are expected to take place in the third and fourth quarters of 2011. The purchases of the remaining assets are expected to close by the end of the first quarter 2012.

“This is a significant expansion of our presence in the United States and enhances our extended stay representation with a great collection of high quality hotels,” said Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt Hotels Corporation. “We know that for Hyatt Summerfield Suites to become the preferred brand among extended stay guests, we must increase the number of markets we serve. This transaction is a noteworthy step in that direction, and will give us an immediate boost in brand awareness among both guests and potential third party developers. The extended stay hotels coming into the portfolio are, on average, four years old – and many have been open less than two years – making them welcome additions to our brand. Most of the hotels slated to become full service Hyatts were new-builds in 2009, and are already recognized as market leaders in guest experience and performance.”


The hotels that will join the Hyatt Summerfield Suites portfolio (2,354 rooms) are in:
Bellevue, WA
Branchburg, NJ
Charlotte, NC
Dulles/Sterling, VA
Fishkill, NY
Morrisville/Raleigh, NC
Parsippany, NJ
Rancho Cordova, CA
Redmond, WA
Richmond, VA
San Jose, CA
San Ramon, CA
Santa Clara, CA
Shelton, CT
King of Prussia, PA
Falls Church, VA

The hotels that will become Hyatt hotels (741 rooms) are in:
Green Bay, WI
Long Beach, CA
Napa, CA
Savannah, GA
Woodlands, TX

The hotels that are already Hyatt-branded (432 rooms) that Hyatt will acquire and begin managing are:
Hyatt Place Madison/Downtown (WI)
Hyatt Summerfield Suites Boston/Burlington
Hyatt Summerfield Suites Philadelphia/Plymouth Meeting
J. Zidell, VP Hyatt Gold Passport is offline  
Old Jul 14, 11, 4:28 pm
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Wow this is great news! Thanks for the info Jeff! ^
kenbo is offline  
Old Jul 14, 11, 4:35 pm
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The Avia hotels are going to be a great addition to the brand!
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Old Jul 14, 11, 4:43 pm
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Great news!
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Old Jul 14, 11, 4:43 pm
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I love Hotel Sierra San Jose.
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Old Jul 14, 11, 4:47 pm
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Very interested in the AVIA Napa.... good to see some more Hyatt's coming to WA -- makes a mattress run from YVR a lot easier!!
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Old Jul 14, 11, 4:48 pm
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It will be great to have a Hyatt in Napa - and it gets good reviews on TripAdvisor.
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Old Jul 14, 11, 4:57 pm
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Great to see two more Hyatt properties up here in the Pacific NW!

It is a little confusing when Hyatt says it is acquiring existing Hyatt-branded hotels though
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Old Jul 14, 11, 4:58 pm
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Great to see some Hyatt additions for WI in markets beyond MKE. And the additions in VA should be very useful for DC-area MRs.
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Old Jul 14, 11, 5:59 pm
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This is great news. Now Hyatt just need to increase its presence in Europe. Maybe buying Sofitel from Accor?
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Old Jul 14, 11, 7:24 pm
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Glad to see that Hyatt is bringing a presence to Uptown Charlotte ^
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Old Jul 14, 11, 7:27 pm
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I like the addition of extra properties in the DC and Seattle area markets.
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Old Jul 14, 11, 9:50 pm
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Great additions to Napa and Savannah.
But some of the additions just pile on to already heavily represented markets like DC area and Northern CA.... hope in near future will add presence to tourist destinations such as mid-PA Lancaster-Harrisburg area (Amish charm and Hersheys Park; and too far from Philly or Pittsburg), Asheville-NC, Grand Canyon (Sedona property is nice though).
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Old Jul 14, 11, 11:49 pm
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Originally Posted by jimmychang View Post
This is great news. Now Hyatt just need to increase its presence in Europe. Maybe buying Sofitel from Accor?
Yeah the lack of European presence is the MAJOR thorn in my side with Hyatt.
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Old Jul 15, 11, 2:40 am
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The Santa Clara property is in Rivermark, across the street from the Sun/Oracle Agnews campus. (nr Montague and Lafayette)

Nice acquisition for Hyatt.

-David

Last edited by LIH Prem; Jul 15, 11 at 2:47 am
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