The $87-million transaction includes six Hyatt Place properties in six states, including Kansas, Georgia, North Carolina, South Carolina, Texas and Virginia.
DALLAS (January 18, 2017) - Phoenix American Hospitality, a Dallas-based hotel fund manager, announces the $87M purchase of six Hyatt Place Hotels, located in Kansas, Georgia, North Carolina, South Carolina, Texas and Virginia.
Phoenix American Hospitality adds 754 rooms to its select service portfolio with this transaction, which was purchased in partnership with an Institutional Investor.
“We are proud of these six strong additions to our growing portfolio,” said Perch Nelson, President of Phoenix American Hospitality. “We look forward to a successful partnership and enhancing the performance of each property.”
This acquisition is an off-market transaction sourced through industry contacts, and is being acquired at a discount to replacement cost. By consolidating hotel operations and management under a single organization, Phoenix American Hospitality can increase revenues and improve operating margins.
Each Hyatt Place Hotel in this portfolio features a variety of general amenities, including heated indoor/outdoor pools, fitness centers, business centers, complimentary Wi-Fi, and versatile meeting spaces.
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