CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate sold three Chicago area hotel properties to a joint venture of AREA Property Partners and Aimbridge Hospitality and entered into long-term hotel franchise agreements with the buyers for each of the three hotels, Hyatt Lisle, Hyatt Deerfield, and Hyatt Rosemont. The combined sale price of the three properties was $51 million, and the AREA/Aimbridge joint venture plans to invest $13.5 million in capital improvements at the three properties.
"The sale of these three properties supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under represented," said Stephen Haggerty, Hyatt's global head of real estate and development. "We are delighted to expand our relationships with AREA and Aimbridge through their purchase and management of these properties, which will continue to be Hyatt-branded."
Hyatt recently announced that it will introduce Hyatt Regency Tulsa on January 1, 2011, following the hotel's conversion to Hyatt Regency from the Crowne Plaza brand and the completion of a long-term franchise agreement with Aimbridge. Affiliates of AREA Property Partners are the majority owner of a joint venture that owns Hyatt Regency New Orleans as well as Hyatt Regency Rochester and Hyatt Regency Tampa.
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 in 45 countries strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt Summerfield Suites® brand names and have locations under development on five continents. Hyatt Vacation Ownership, Inc., a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of September 30, 2010, the Company's worldwide portfolio consisted of 447 properties. For more information, please visit www.hyatt.com.
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