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NYSE: H

67.34 Common Stock | 20 minute delay +0.09 +0.13% Volume: 912,169 December 13, 2018 04:02 PM VIEW

Press Releases

Hyatt Announces Sale of 38 Select Service Hotels

09/18/2014

CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) today announced that Hyatt affiliates have agreed to sell 38 hotels to a company organized by Lone Star Funds (the “Purchaser”) for approximately $590 million. The portfolio of 38 hotels (the “Hyatt Portfolio”) consists of Hyatt Place and Hyatt House hotels totaling 4,950 rooms. As part of the sale, Hyatt will enter into franchise agreements with the Purchaser, with all hotels maintaining their existing Hyatt Place and Hyatt House branding.

The Purchaser intends to spend approximately $50 million in additional capital expenditures across the Hyatt Portfolio over the next 24 months. Aimbridge Hospitality, LLC will manage the hotels for the Purchaser.

“Hyatt utilized its strong balance sheet and industry expertise to launch the Hyatt Place and Hyatt House brands. We are now leveraging that brand equity to recycle capital while maintaining a long-term brand presence in multiple markets,” said Steve Haggerty , global head of capital strategy, franchising and select service for Hyatt. “We believe the renovations planned for the portfolio will help maintain the brands’ reputation as the leading brands in their segments and we look forward to deepening our relationship with Lone Star and Aimbridge.”

The transaction is expected to be completed in November 2014 and is subject to customary closing conditions and approvals. The Hyatt Portfolio comprises the following hotels:

     
Property     City     State     Rooms
Hyatt House Boston/Burlington     Burlington     MA     150
Hyatt House Branchburg     Branchburg     NJ     139
Hyatt House Sterling/Dulles Airport-North     Sterling     VA     162
Hyatt House Fishkill/Poughkeepsie     Fishkill     NY     135
Hyatt House Morristown     Morristown     NJ     132
Hyatt House Raleigh Durham Airport     Morrisville     NC     141
Hyatt House Parsippany-East     Parsippany     NJ     140
Hyatt House Parsippany Whippany     Whippany     NJ     135
Hyatt House Philadelphia/Plymouth Meeting     East Norriton     PA     131
Hyatt House Richmond-West     Richmond     VA     134
Hyatt House Shelton     Shelton     CT     127
Hyatt Place Albuquerque Airport     Albuquerque     NM     127

Hyatt Place Atlanta/
Alpharetta/Windward Parkway

    Alpharetta     GA     127

Hyatt Place Atlanta/
Norcross/Peachtree

    Norcross     GA     126
Hyatt Place Birmingham/Inverness     Birmingham     AL     126
Hyatt Place Boise/Towne Square     Boise     ID     127
Hyatt Place Charlotte Airport/Tyvola Road     Charlotte     NC     127
Hyatt Place Chicago/Itasca     Itasca     IL     126
Hyatt Place Cincinnati Airport/Florence     Florence     KY     126
Hyatt Place Cincinnati- Northeast     Mason     OH     127

Hyatt Place Cleveland/
Independence

    Independence     OH     127
Hyatt Place Denver Airport     Aurora     CO     126
Hyatt Place Detroit/Auburn Hills     Auburn Hills     MI     127
Hyatt Place Detroit/ Livonia     Livonia     MI     127
Hyatt Place Lakeland Center     Lakeland     FL     127
Hyatt Place Louisville-East     Louisville     KY     121

Hyatt Place Memphis/
Primacy Parkway

    Memphis     TN     126
Hyatt Place Mystic     Mystic     CT     79
Hyatt Place Oklahoma City Airport     Oklahoma City     OK     126

Hyatt Place Omaha/
Downtown-Old Market

   

Omaha

   

NE

   

159

Hyatt Place Nashville/
Brentwood

    Brentwood     TN     124

Hyatt Place Nashville/
Opryland

    Nashville     TN     123
Hyatt Place Pittsburgh Airport     Pittsburgh     PA     127

Hyatt Place Pittsburgh/
Cranberry

   

Cranberry
Township

    PA     127

Hyatt Place Richmond/
Arboretum

    Richmond     VA     127

Hyatt Place Sacramento/
Rancho Cordova

    Rancho Cordova     CA     127

Hyatt Place Secaucus/
Meadowlands

    Secaucus     NJ     159

Hyatt Place Tampa/
Busch Gardens

    Tampa     FL     126

Hyatt continues to market six additional select service hotels. The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

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®, Hyatt House®, Hyatt Zilara and Hyatt Ziva brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences® and Hyatt Residence Club®. As of June 30, 2014, the Company's worldwide portfolio consisted of 563 properties in 48 countries. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, failure to successfully complete the proposed transaction, including the occurrence of any event, change or circumstance that could give rise to the termination of the purchase agreement (including the failure to satisfy conditions to completion or obtain required approvals); the actual timing of closing; the ability to fund and complete certain capital improvements; and other risks discussed in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Source: Hyatt Hotels Corporation

Hyatt Hotels Corporation

Media Contact:

Amy Patti, 312 780 5620

amy.patti@hyatt.com

or

Investor Contact:

Atish Shah, 312 780 5427

atish.shah@hyatt.com