Hyatt Hotels Corp. has agreed to purchase an $802 million portfolio of 24 hotels from hotel management company LodgeWorks, a buy that will significantly boost distribution of Hyatt’s extended stay Summerfield Suites brand.
The portfolio includes 17 Hotel Sierra properties, LodgeWorks’ upscale extended stay brand, 16 of which Hyatt will convert into its Summerfield Suites brand, increasing that brand’s portfolio from 38 to 54. Hotel Sierra locations include Parsippany, N.J.; Charlotte, N.C.; Redmond, Wash.; and Richmond, Va.
The portfolio also includes four Avia Hotels, LodgeWorks’ upper upscale brand, which Hyatt will convert into full-service Hyatt brands along with the remaining Hotel Sierra property. Most of those properties were built in 2009, according to Hyatt president and CEO Mark Hoplamazian.
Additionally, Hyatt will acquire a Hyatt Place and two Summerfield Suite properties in the deal.
LodgeWorks and Hyatt project the deal will close in the third quarter of this year and the acquisitions to be complete by early next year. Several LodgeWorks executives, including president and co-founder B. Anthony Isaac, will join Hyatt’s executive team.
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