February 03, 2015 // Franchising.com // CHICAGO - Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has sold the 499-room Hyatt Regency Indianapolis to a private equity joint venture for approximately $71 million. The joint venture members include Silverpeak Real Estate Partners, a privately held real estate investment advisory business, and executives of Davidson Hotels & Resorts. The Purchaser intends to spend approximately $4 million in additional capital expenditures over the next three years. As part of the sale, a Hyatt affiliate has entered into a franchise agreement with the purchaser and the hotel will retain its Hyatt Regency branding.
"We are delighted to work with this joint venture as we continue our asset recycling strategy to continue to grow strategically," said Steve Haggerty, global head of capital strategy, franchising and select service, Hyatt. "This transaction allows us to retain brand presence in the market and expand our relationship with an owner who is investing in our brand."
Hyatt Regency Indianapolis is conveniently located near local attractions, including the Children's Museum of Indianapolis, Conner Prairie Interactive History Park and the Indianapolis Motor Speedway and is just 10 miles from the Indianapolis International Airport. Located at One South Capital Avenue in historic downtown Indianapolis, the 22-story hotel shares an atrium with the PNC Center and is connected via climate-controlled walkway to the Indianapolis Convention Center, Lucas Oil Stadium, Circle Center Mall and the Arts Garden. Hyatt Regency Indianapolis is also within walking distance of the state capitol, Bankers Life Fieldhouse, Indiana University-Purdue University Indianapolis (IUPUI) and the NCAA Hall of Fame.
Hotel amenities include more than 35,000 square feet of meeting space, indoor pool, 24-hour Stay Fit™ gym and cardio center and bicycle rentals. The hotel also offers four dining options: One South, serving breakfast and lunch, Level One lounge, a full-service Starbucks and the rotating Eagle's Nest rooftop. Guest rooms are equipped with plush Hyatt Grand Beds™, an oversized work area and modern amenities like flat-screen televisions.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
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.
SOURCE Hyatt Hotels Corporation