Oak Brook, Ill. – Inland American Lodging Group, Inc. (“Inland American”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., and Hyatt Hotels Corporation (NYSE: H), today announced that Inland has purchased Hyatt Key West Resort and Spa in Key West, Fla., from a Hyatt affiliate for a purchase price of approximately $76 million. The resort, located in the heart of Key West on the Gulf of Mexico, will continue to be managed by Hyatt under a new management agreement.
"We are extremely pleased to have added Hyatt Key West Resort and Spa to our portfolio,” said Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. “Key West is one of the most unique, consistent and highest average RevPAR hotel markets in the nation, and this high quality resort’s exceptional location, within easy walking distance of the area’s most popular attractions, should continue to drive strong returns on our investment.”
“We are delighted to broaden our relationship with Inland American while retaining long-term brand presence in a high barrier-to-entry-market like Key West. Recycling our capital through transactions like this positions Hyatt to pursue strategic growth opportunities,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt.
Hyatt Key West offers 118 guestrooms. Amenities at the hotel include Shor American Seafood Grill, Blue Mojito Pool Bar and Grill, Jala Spa, a heated outdoor swimming pool and whirlpool, a spacious sundeck, poolside cabanas, and a Hyatt Stay Fit Gym. It also features three meeting/event spaces totaling approximately 2,500 square feet.
This acquisition represents the 14th hotel purchased by Inland American this year and the seventh Hyatt-managed hotel or resort in its portfolio. In 2013, Hyatt has sold seven full service hotels or resorts for more than $500 million.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation or one or more of its affiliates.
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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 100 hotels with 19,438 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Kimpton 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 September 30, 2013 Inland American owned 268 properties, representing approximately 24 million square feet of retail, industrial and office properties, 8,350 student housing beds and 18,222 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.
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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®, Hyatt House®, Hyatt ZilaraTM, and Hyatt ZivaTM 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 September 30, 2013, the Company's worldwide portfolio consisted of 535 properties in 47 countries. For more information, please visit www.hyatt.com.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When we use the words “will,” may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside of Inland American’s or Hyatt’s control, which could cause actual results to differ materially from those expressed in or implied by the content of this document. Forward looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold.