Hyatt Announces Purchase of Downtown Minneapolis Hotel for Conversion to Hyatt Place
Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate acquired a select service hotel in downtown Minneapolis and will rebrand the hotel as Hyatt Place Minneapolis Downtown following $20 million in capital improvements. The rebranding is scheduled for the summer of 2013.
In a move that underscores the growing relationship between the companies, an affiliate of Summit Hotel Properties, Inc. plans to purchase the hotel and enter into a management agreement with a Hyatt affiliate upon completion of the improvements.
“Recycling capital to allow continued strategic growth is core to our business approach and this transaction is the perfect example of how we are executing that in an effort to help Hyatt and as well as owners achieve that growth,” said Stephen Haggerty, Hyatt's global head of Real Estate and Capital Strategy group. “Summit was one of the first companies to recognize the potential of the Hyatt Place brand and we are excited to have identified new opportunities for us to grow the brand and our relationship with such a valued company.”
Hyatt Place Minneapolis Downtown will be the fourth Hyatt-branded hotel in the Minneapolis area and offers easy access to the city's professional sports stadiums, including the venues for the Minnesota Vikings, Minnesota Timberwolves and Minnesota Twins. The hotel is also walking distance to the city's historic Hennepin Theater District, as well as lively restaurants, shopping and nightlife.
In early October, a Summit Hotel Properties affiliate also closed on the acquisition of seven Hyatt Place hotels and one Hyatt House hotel, and the company entered into an agreement with a Hyatt affiliate to manage these eight Hyatt Place- and Hyatt House-branded hotels.
“Hyatt has invested an impressive amount of its own capital in the Hyatt Place brand, which gives Hyatt a level of credibility with owners not typical in the industry,” said Dan Hansen, president and chief executive officer, Summit Hotel Properties. “That commitment demonstrated that Hyatt understands how Summit approaches our business, which has been a key factor in driving new ways to deepen our relationship.”
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust (REIT) focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of October 9, 2012, the Company's hotel portfolio consisted of 81 hotels with a total of 8,576 guestrooms located in 21 states. Additional information about Summit may be found at the Company's website, www.shpreit.com.
About Hyatt Place
Launched in 2006, Hyatt Place brings to the upscale select-service hotel category the authentic hospitality for which Hyatt is known. Inspired by multitasking travelers' 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology and purposeful service. Spacious guestrooms feature multiple areas to work and relax, and include the Cozy Corner, an eight-foot sectional sofa sleeper; plush Hyatt Grand Bed; and ergonomic work center. Every guestroom is also equipped with a state-of-the-art media center that allows electronic devices to plug directly into the 42-inch, high-definition television, giving guests instant access to the technological amenities they're accustomed to accessing at home or in the office. Hyatt Place hotels also feature complimentary Wi-Fi access, a StayFit@Hyatt fitness center, a coffee and wine bar serving specialty coffees and premium wine and beer, and a Grab 'n Go case stocked with freshly made sandwiches and salads. The Guest Kitchen offers made-to-order breakfast, lunch and dinner entrées around the clock, in addition to the a.m. Kitchen SkilletTM, a complimentary continental breakfast served daily. Specially trained 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 160 locations throughout the United States. 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 manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt HouseTM brand names and has locations on six continents. Hyatt House is changing its brand identity from Hyatt Summerfield Suites®. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2012, the Company's worldwide portfolio consisted of 492 properties in 45 countries. For more information, please visit www.hyatt.com.
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