Summit Hotel Properties REIT Purchases Hyatt Portfolio

The Summit Hotel Properties REIT has purchased a Hyatt Group portfolio of eight Hyatt branded hotels for $87,400,000. The eight properties consist of 1,043 keys in five states, including two in Maricopa County. The two Arizona properties are 127 keys each, and located in Old Town Scottsdale and North Phoenix.

The old town property is located at 10838 N 25TH Avenue or north of the northwest corner of Drinkwater Boulevard and Indian School Road. It consists of 127 keys in six-stories, totaling 70,756 square feet, built 1998 on 2.30 acres zoned D/OR-2; featuring a 900 square foot conference room, and every room is 325 square feet.

The Phoenix property is located at 10838 N 25TH Avenue or north of the northeast corner of I-17 and Peoria Avenue. It consists of 127 keys in four-stories, totaling 73,367 square feet, built 1998 on 2.77 acres zoned C-2. It features a 1,500 square foot conference room, and every room is 450 square feet.

Both properties were previously acquired on January 25th, 2005 as a piece of Hyatt's the acquisition of the Amerisuites brand, a subsidiary of the Blackstone Group. The conveyance of the property was through a 1031-exchange, but each property disclosed a purchase price. The price on the affidavit for the Scottsdale location was $7,000,000 ($55,118 per key), and the Phoenix property was $5,000,000 ($39,370 per key).


BY:
Daniel Alpers
Director Planning and Municipal Projects
Vizzda