{"id":1004053579,"date":"2011-09-22T10:04:43","date_gmt":"2011-09-22T18:04:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=18260"},"modified":"2022-12-08T00:59:33","modified_gmt":"2022-12-08T08:59:33","slug":"hyatt-hotels-corp-closes-on-a-20-hotel-portfolio-for-661-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hyatt-hotels-corp-closes-on-a-20-hotel-portfolio-for-661-million\/","title":{"rendered":"Hyatt Hotels Corp. Closes on a 20-Hotel Portfolio for $661 Million"},"content":{"rendered":"<div id=\"attachment_18261\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/Hyatt-Room-2.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-18261\" title=\"Hyatt Room\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/Hyatt-Room-2.jpg\" alt=\"\" width=\"300\" height=\"196\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Hyatt Summerfield Suites Room, Courtesy of Hyatt <\/p>\n<\/div>\n<p>by Liviu Oltean, Associate Editor<\/p>\n<p>Hotel Sierra in Morrisville will be rebranded as a Hyatt Summerfield Suites Hotel, following Hyatt Hotels Corp.&#8217;s closing on a 20-hotel portfolio belonging to LodgeWorks LP.<\/p>\n<p>Hyatt initially showed interest\u00a0in a 24-hotel portfolio, but the company ultimately decided on closing on 20 hotels. The total cost of the portfolio acquisition decreased from $802 million to $661 million. The properties that are not already under Hyatt&#8217;s aegis will be branded as Hotel Sierra, AVIA Hotels, Hyatt Place and Hyatt Summerfield Suites.<\/p>\n<p>The 141-room hotel located off N.C. 54 south of Carrington Mill Boulevard was purchased for $20.3 million. According to the <em>Triangle Business Journal<\/em>, the amount represents a 78 percent premium over the $11.4 million tax value of the property.<\/p>\n<p>\u201cThis is a significant expansion of our presence in the United States and enhances our extended stay representation with a great collection of high quality hotels,\u201d said Mark S. Hoplamazian, president and CEO of Hyatt Hotels Corp.<\/p>\n<p>The transaction also stipulated certain executive transitions: founder of LodgeWorks, B. Anthony Isaac, and other management members are expected to join Hyatt&#8217;s ranks. \u201cWe respect the Hyatt heritage and culture and are very pleased to contribute to its growth,\u201d said Isaac. Chicago-based Hyatt Hotels Corp. is a global hospitality company with properties throughout the world. As of June 30, 2011, the company&#8217;s portfolio included 456 properties in 44 countries.<\/p>\n<p>In regional news, Cary&#8217;s Harris Teeter-anchored shopping center on Ten Ten Road was sold for $14 million. 1st Carolina Properties of Cary, represented by Sonny Malloy\u00a0of Marcus Millichap, sold the 83,824 square feet shopping center to Virginia-based real estate investment group, Suburban Asset management LLC, which was represented by Cushman &amp; Wakefield|Thalhimer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Liviu Oltean, Associate Editor<br \/>\nHotel Sierra in Morrisville will be rebranded as a Hyatt Summerfield Suites Hotel, following Hyatt Hotels Corp.&#8217;s closing on a 20-hotel portfolio belonging to LodgeWorks LP.<br \/>\nHyatt initially showed interest\u00a0in a 24-hotel portfolio, but the company ultimately [&#8230;]<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004053579","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hyatt Hotels Corp. Closes on a 20-Hotel Portfolio for $661 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hyatt-hotels-corp-closes-on-a-20-hotel-portfolio-for-661-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyatt Hotels Corp. Closes on a 20-Hotel Portfolio for $661 Million\" \/>\n<meta property=\"og:description\" content=\"by Liviu Oltean, Associate Editor Hotel Sierra in Morrisville will be rebranded as a Hyatt Summerfield Suites Hotel, following Hyatt Hotels Corp.&#8217;s closing on a 20-hotel portfolio belonging to LodgeWorks LP. Hyatt initially showed interest\u00a0in a 24-hotel portfolio, but the company ultimately [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hyatt-hotels-corp-closes-on-a-20-hotel-portfolio-for-661-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-22T18:04:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T08:59:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/Hyatt-Room-2.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-hotels-corp-closes-on-a-20-hotel-portfolio-for-661-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-hotels-corp-closes-on-a-20-hotel-portfolio-for-661-million\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"Hyatt Hotels Corp. 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