{"id":1004104506,"date":"2014-09-28T20:02:02","date_gmt":"2014-09-29T04:02:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=293353"},"modified":"2021-05-15T08:07:07","modified_gmt":"2021-05-15T16:07:07","slug":"hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\/","title":{"rendered":"Hyatt Place Cleveland\/Independence Sold to Lone Star Funds as Part of 38-Hotel Portfolio"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Hyatt-Place-P116-Exterior.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-293356\" title=\"HP_P116\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Hyatt-Place-P116-Exterior.jpg\" alt=\"\" width=\"300\" height=\"100\" \/><\/a>The Hyatt Place Cleveland\/Independence is changing hands. The Northeast Ohio property is one of 38 sites that Hyatt Hotels Corp. has agreed to sell to Texas-based Lone Star Funds for about $590 million.<\/p>\n<p style=\"text-align: justify\">Located seven miles south of downtown Cleveland, in the city of Independence, the hotel features 127 studio-style suites and 1,200 square feet of flexible meeting space. Amenities include a 24-hour fitness center, indoor pool, free Wi-Fi, complimentary parking and more.<\/p>\n<p style=\"text-align: justify\">The 38-property portfolio totals 4,950 rooms and includes another Ohio hotel, the Hyatt Place Cincinnati- Northeast, in Mason. Hyatt Hotels  said it will enter into franchise agreements with Lone Star Funds as part of the sale. This means that all the hotels will keep their current Hyatt Place and Hyatt House branding. The transaction is expected to be completed this November, subject to customary closing conditions and approvals.<\/p>\n<p style=\"text-align: justify\">Aimbridge Hospitality LLC will manage the hotels. Over the next 24 months, Lone Star Funds will invest an additional $50 million to renovate and upgrade its new hotels.<\/p>\n<p style=\"text-align: justify\">\u201cHyatt utilized its strong balance sheet and industry expertise to launch the Hyatt Place and Hyatt House brands. We are now leveraging that brand equity to recycle capital while maintaining a long-term brand presence in multiple markets,\u201d Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt, said in a statement for the press. \u201cWe believe the renovations planned for the portfolio will help maintain the brands\u2019 reputation as the leading brands in their segments, and we look forward to deepening our relationship with Lone Star and Aimbridge.\u201d<\/p>\n<p style=\"text-align: justify\">This is the second large hotel portfolio to sell this month. NorthStar Realty Finance Corp. <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/hospitality\/northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b\/1004104051.html\">also recently announced<\/a> it will buy a 7,000-room portfolio of upscale extended-stay and select-service hotels from Inland American Real Estate Trust for $1.1 billion.<\/p>\n<p style=\"text-align: justify\"><em>Photo credit: <\/em><a href=\"https:\/\/independence.place.hyatt.com\" rel=\"nofollow\"><em>independence.place.hyatt.com<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hyatt Place Cleveland\/Independence is changing hands. The Northeast Ohio property is one of 38 hotels Hyatt Hotels Corporation has agreed to sell to Texas-based Lone Star Funds for about $590 million.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[],"class_list":["post-1004104506","post","type-post","status-publish","format-standard","hentry","category-cleveland","category-latest"],"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 Place Cleveland\/Independence Sold to Lone Star Funds as Part of 38-Hotel Portfolio - 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-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyatt Place Cleveland\/Independence Sold to Lone Star Funds as Part of 38-Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"The Hyatt Place Cleveland\/Independence is changing hands. The Northeast Ohio property is one of 38 hotels Hyatt Hotels Corporation has agreed to sell to Texas-based Lone Star Funds for about $590 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\/\" \/>\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=\"2014-09-29T04:02:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T16:07:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Hyatt-Place-P116-Exterior.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\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-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Hyatt Place Cleveland\\\/Independence Sold to Lone Star Funds as Part of 38-Hotel Portfolio\",\"datePublished\":\"2014-09-29T04:02:02+00:00\",\"dateModified\":\"2021-05-15T16:07:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\\\/\"},\"wordCount\":317,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/09\\\/Hyatt-Place-P116-Exterior.jpg\",\"articleSection\":[\"Cleveland\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-clevelandindependence-sold-to-lone-star-funds-as-part-of-38-hotel-portfolio\\\/\",\"name\":\"Hyatt Place Cleveland\\\/Independence Sold to Lone Star Funds as Part of 38-Hotel Portfolio - 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