Hyatt Announces Purchase of Three California Woodfin Suites Properties
Hotels Will Be Rebranded as Hyatt Summerfield Suites And Will Undergo Multi-Million Dollar Renovations
CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (NYSE: H) announced that a Hyatt affiliate purchased three Woodfin Suites hotels in California for $76.5 million from the beneficial owner O-B Holdings, a joint venture managed by Three Wall Capital LLC through its affiliates. Today Hyatt affiliates began managing the three properties, which are being rebranded as Hyatt Summerfield Suites hotels. The acquisition increases by approximately 9% the Hyatt Summerfield Suites portfolio to a total of 38 locations in the United States. Future property renovations totalling approximately $15 million are planned.
"These properties are great additions to the Hyatt Summerfield Suites portfolio in markets where the brand is not currently represented," said Steve Haggerty, global head of real estate and development for Hyatt Hotels Corporation. "This acquisition marks a meaningful expansion of the Hyatt Summerfield Suites brand in three of California's largest metropolitan areas, supporting Hyatt's goal of becoming the preferred brand in all the segments we serve through the addition of hotels in locations where we know our customers are currently traveling."
The acquired properties are located in Cypress, Emeryville, and Sorrento Mesa, California.
Hyatt Summerfield Suites Cypress/Anaheim, located in Cypress in Orange County in the greater Los Angeles area, has 142 suites on three floors. Hyatt Summerfield Suites Emeryville/San Francisco Bay Area, located at the foot of the San Francisco Bay Bridge near Oakland and Berkeley, features 234 suites and is situated five miles from the University of California, Berkeley. Hyatt Summerfield Suites San Diego/Sorrento Mesa, located in northern San Diego County near La Jolla, Del Mar, and the Miramar business district, has 194 suites.
About Hyatt Summerfield Suites
Hyatt Summerfield Suites are upscale, all-suite, residential-style hotels offering travelers spacious, contemporary studio, one- and two-bedroom suites ideal for any length of stay. Features include complimentary full breakfast buffet, evening socials, a guest market, laundry facilities and a business center.
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 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 on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of March 31, 2011, the Company's worldwide portfolio consisted of 451 properties in 43 countries. For more information, please visit www.hyatt.com.
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