ILLINOIS Hyatt Hotels Corp. has sold three Chicago-area Hyatt-branded hotels to a joint venture of Area Property Partners and Aimbridge Hospitality.
The three hotels—the 316-key Hyatt Lisle, the 301-key Hyatt Deerfield and the 206-key Hyatt Rosemont—sold for a combined price of US$51 million, or about US$63,000 per key. The joint venture plans to invest an additional US$13.5 million in capital improvements.
The properties will continue as Hyatt hotels under a long-term franchise agreement.
“The sale of these three properties supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are underrepresented,” says Stephen Haggerty, Hyatt’s global head of real estate and development. “We are delighted to expand our relationships with Area and Aimbridge through their purchase and management of these properties, which will continue to be Hyatt-branded.”
