OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Lodging Group, Inc. (“IALG”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), and Hyatt Hotels Corporation (NYSE: H) today announced that IALG has acquired a portfolio of two Andaz hotels for approximately $115 million. The hotels, both part of Hyatt’s acclaimed boutique lifestyle brand, are located in Napa, Calif., and Savannah, Ga. These will be the second and third Andaz hotels in Inland American’s portfolio, following the purchase of Andaz San Diego completed earlier this year. A Hyatt affiliate will continue to manage both hotels.
“We are very pleased to be expanding our relationship with Hyatt through the acquisition of these boutique lifestyle hotels, operating under the exciting and growing Andaz brand,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. “The purchase of these hotels further exemplifies our strategy of seeking continued improvement in the quality and performance of our portfolio through targeted acquisitions, selective dispositions, superior asset management and thoughtful capital improvements.”
The five-story Andaz Napa features 141 rooms, including 89 oversized lofts and suites. Constructed in 2009 and branded as an Andaz in 2012, the Napa hotel offers 6,800 square feet of meeting and event space, highlighted by a 4,200-square-foot outdoor terrace. The property is located in downtown Napa’s lively West End district near popular shopping, dining and entertainment venues.
Andaz Savannah, which was built in 2009 and branded as an Andaz in 2012, features 151 rooms on six floors, including 68 lofts and suites, and features 6,700 square feet of meeting and banquet space, allowing the hotel to accommodate both small and intermediate-sized groups. The property is located in Savannah’s historic district, within walking distance of major attractions including historic neighborhoods, the City Market and Boughton Street.
“This transaction allows Hyatt to retain its brand and management presence in the Savannah and Napa markets and furthers our capital recycling strategy,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “As the owner of Andaz San Diego, Inland American truly understands the essence of the Andaz brand and we are delighted to broaden our relationship with a quality owner and look forward to future collaboration.”
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 93 hotels with 17,822 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of June 30, 2013 Inland American owned 565 properties, representing approximately 41 million square feet of retail, industrial and office properties, 5,186 conventional multi-family units, 6,521 student housing beds and 16,645 hotel rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
About Andaz
Global in scale while local in perspective, Andaz delivers an innovative hospitality experience and attentive, uncomplicated service designed to accommodate guests’ personal preferences. Hotels in this collection reflect the unique cultural scenes and spirit of the surrounding neighborhood and are dedicated to creating natural and vibrant living spaces where travelers can indulge their own personal sense of comfort and style. Ten Andaz hotels are currently open: Andaz 5th Avenue and Andaz Wall Street in New York, Andaz San Diego, Andaz West Hollywood, Andaz Napa, Andaz Savannah, Andaz Maui at Wailea, Andaz Liverpool Street in London, Andaz Amsterdam Prinsengracht, and Andaz Shanghai. For more information, please visit www.andaz.com.
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® and Hyatt House® brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2013, the Company's worldwide portfolio consisted of 524 properties in 46 countries. For more information, please visit www.hyatt.com.
