Chesapeake Lodging Trust Acquires Hyatt Place New York Midtown South
- Mar 18, 2013
Chesapeake Lodging Trust has closed on its acquisition of the newly developed, 185-room Hyatt Place New York Midtown South for $76.2 million, or approximately $412,000 per key.
“We are thrilled to announce our second hotel in the highly desired midtown area of Manhattan,” James L. Francis, Chesapeake Lodging Trust’s president & CEO, said in a prepared statement. “This acquisition furthers our strategic relationship with Hyatt Hotels through ownership of the first Hyatt Place property in Manhattan. This brand is the perfect fit for New York and the blended lifestyle of work and play.”
The hotel, which just opened last week, features 250 square feet of flexible, high-tech meeting/function space, an intimate Bakery Café featuring specialty coffees, premium beers, wines and cocktails and 24/7 Gallery Menu serving made-to-order entrees and appetizers. Guestrooms feature a 42-inch HDTV, the plush Hyatt Grand Bed and a seven-foot sofa.
Ideally located on West 36th Street, between 5th and 6th Avenues, the hotel is close by many of the city’s most famous sights and attractions, including Times Square, the Empire State Building, Madison Square Garden, Radio City Music Hall and the theaters of Broadway.
“New York is a significant and exciting market that represents so many opportunities for us as we look for meaningful growth across our portfolio of brands,” Rakesh Sarna, Hyatt Hotels Corporation’s group president—Americas, said in a company statement. “The opening of the city’s first Hyatt Place is a significant step forward in our goal to become the most preferred brand for our guests, and we can’t wait to show New Yorkers and its many visitors from around the world what Hyatt Place is all about.”
The Trust entered into an agreement with Real Hospitality Group, the operator of the Trust’s other hotel in New York located in Midtown on 31st Street, to manage the hotel.
According to Chris Walker, vice president of brands, Hyatt Place and Hyatt House, the brand is focusing on not only suburban and airport locations, but downtown locations for the accessibility, convenience and overall experience the brand provides.
“Hyatt Place delivers a seamless experience to meet the needs of our guests’ multi-tasking 24/7 lifestyles, so what better place to showcase that experience than The City that Never Sleeps,” Walker said in a company statement. “We look forward to introducing a new group of customers to the Hyatt Place brand.”
Already in March, a Hyatt Place hotel opened in downtown Austin, Texas, and other downtown locations are expected to open in 2013 in Chicago’s River North neighborhood, Minneapolis, Minn., Charlotte, N.C., Omaha, Neb., Nashville, Tenn., Panama City, Panama and Santiago, Chile.
Next year, the company anticipates additional urban, downtown openings for the brand in New York City’s Times Square and Flushing, Washington, D.C.’s NoMa neighborhood, and Lincoln, Neb., among others.