PAH to Buy Hyatt Place Portfolio
Dallas, Texas (January 17, 2017) Phoenix American Hospitality is pleased to announce that as of January 17, 2017, it has purchased a 754 key upscale portfolio of six Hyatt Place Hotels located in Georgia, North Carolina, Texas, South Carolina, Virginia, and Kansas. The transaction, valued at $87M, was purchased with an Institutional Investor.
“We are proud of these six strong additions to our growing portfolio,” said Perch Nelson, President of Phoenix American Hospitality. “We look forward to a successful partnership and enhancing the performance of each property.”
About The Hotel
This acquisition is an off-market transaction sourced through industry contacts, and is being acquired at a discount to replacement cost. By consolidating hotel operations and management under a single organization, Phoenix American can increase revenues and improve operating margins. General hotel amenities include heated indoor/ outdoor pools, fitness centers, business centers, complimentary wifi and versatile meeting spaces.