News
Three Suburban Hyatts Sold
January 4, 2011
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| As Hyatt and the Pritzker Family look to reinvest their assets, they've sold three suburban hotels to Aimbridge Hospitality: the 316-room Lisle Hyatt, the 296-room Deerfied Hyatt (pictured), and the 201-room Rosemont Hyatt. Aimbridge plans to manage all three hotels and renovate two of them while they continue to operate under the Hyatt name. Aimbridge now operates 70 hotels (with ownership interest in 55 of them). Aimbridge's Rich Sprecher tells us it bought the hotels for about $60k a room and changed management without closing the hotels in mid-December. Rich says Hyatt is working to develop new hotels in larger markets. It's also selling some of its suburban properties at prices well below replacement cost. | |
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| Aimbridge will invest $6M to $7M in the renovation of the Lisle hotel's common area. Another $5M to $6M will go into the Deerfield hotel's rooms and public area. Rich cites the new Navistar lease at the former Lucent Technology campus along I-88 as a possible boon to business travelers. And he thinks the Rosemont hotel could book more quickly once the new Des Plaines Casino opens next year. Aimbridge is planning to acquire another five to 10 lodging assets over the next year to take advantage of the down hotel market. They're also hoping to pick up another 10 to 15 properties for third-party management. |
