Hyatt Acquires Downtown Minneapolis Hotel
- Nov 02, 2012
The Hyatt Hotels Corp. recently announced that a Hyatt affiliate acquired a select-service hotel, the 213-room Comfort Suites in downtown Minneapolis. Following $20 million in capital improvements, the hotel will be rebranded as Hyatt Place Minneapolis Downtown.
Upon completion of the improvements, an affiliate of Summit Hotel Properties Inc. plans to buy the hotel from the Hyatt affiliate, which will continue to manage the property. The rebranding and ownership change is scheduled for the summer of 2013.
Stephen Haggerty, Hyatt’s global head of real estate and capital strategy, said: “Recycling capital to allow continued strategic growth is core to our business approach, and this transaction is the perfect example of how we are executing that in an effort to help Hyatt as well as owners achieve that growth. Summit was one of the first companies to recognize the potential of the Hyatt Place brand, and we are excited to have identified new opportunities for us to grow the brand and our relationship with such a valued company.”
Located at 425 S. Seventh St., the Hyatt Place Minneapolis Downtown offers easy access to the city sports stadiums, including the venues for the Minnesota Timberwolves, Minnesota Twins and Minnesota Vikings. The property is also close to the city’s historic Hennepin Theater District, as well as various dining and shopping venues.
Hyatt Place Minneapolis Downtown will be the fourth Hyatt-branded hotel in the Minneapolis area, and Dan Hansen, president & CEO of Summit Hotel Properties, said: “Hyatt has invested an impressive amount of its own capital in the Hyatt Place brand, which gives Hyatt a level of credibility with owners not typical in the industry. That commitment demonstrated that Hyatt understands how Summit approaches our business, which has been a key factor in driving new ways to deepen our relationship.”
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Photo Courtesy of: www.comfortsuites.com