Inland American Lodging Group, Inc. (“IALG”), a wholly owned subsidiary
of Inland American Real Estate Trust, Inc. (“Inland American”), and
Hyatt Hotels Corporation (NYSE: H) today announced that IALG has
acquired a portfolio of two Andaz hotels for approximately $115 million.
The hotels, both part of Hyatt’s acclaimed boutique lifestyle brand, are
located in Napa, Calif., and Savannah, Ga. These will be the second and
third Andaz hotels in Inland American’s portfolio, following the
purchase of Andaz San Diego completed earlier this year. A Hyatt
affiliate will continue to manage both hotels.
![Andaz Napa in Napa, Calif. (Photo: Business Wire)](http://mms.businesswire.com/media/20130920006024/en/383757/4/Andaz_Napa_Exterior.jpg)
Andaz Napa in Napa, Calif. (Photo: Business Wire)
“We are very pleased to be expanding our relationship with Hyatt through
the acquisition of these boutique lifestyle hotels, operating under the
exciting and growing Andaz brand,” said Marcel Verbaas, president and
CEO, Inland American Lodging Advisor, Inc. “The purchase of these hotels
further exemplifies our strategy of seeking continued improvement in the
quality and performance of our portfolio through targeted acquisitions,
selective dispositions, superior asset management and thoughtful capital
improvements.”
The five-story Andaz Napa features 141 rooms, including 89 oversized
lofts and suites. Constructed in 2009 and branded as an Andaz in 2012,
the Napa hotel offers 6,800 square feet of meeting and event space,
highlighted by a 4,200-square-foot outdoor terrace. The property is
located in downtown Napa’s lively West End district near popular
shopping, dining and entertainment venues.
Andaz Savannah, which was built in 2009 and branded as an Andaz in 2012,
features 151 rooms on six floors, including 68 lofts and suites, and
features 6,700 square feet of meeting and banquet space, allowing the
hotel to accommodate both small and intermediate-sized groups. The
property is located in Savannah’s historic district, within walking
distance of major attractions including historic neighborhoods, the City
Market and Boughton Street.
“This transaction allows Hyatt to retain its brand and management
presence in the Savannah and Napa markets and furthers our capital
recycling strategy,” said Stephen Haggerty, global head, real estate and
capital strategy for Hyatt. “As the owner of Andaz San Diego, Inland
American truly understands the essence of the Andaz brand and we are
delighted to broaden our relationship with a quality owner and look
forward to future collaboration.”
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 93 hotels with 17,822
rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont,
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
June 30, 2013 Inland American owned 565 properties, representing
approximately 41 million square feet of retail, industrial and office
properties, 5,186 conventional multi-family units, 6,521 student housing
beds and 16,645 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.
About Andaz
Global in scale while local in perspective, Andaz delivers an innovative
hospitality experience and attentive, uncomplicated service designed to
accommodate guests’ personal preferences. Hotels in this collection
reflect the unique cultural scenes and spirit of the surrounding
neighborhood and are dedicated to creating natural and vibrant living
spaces where travelers can indulge their own personal sense of comfort
and style. Ten Andaz hotels are currently open: Andaz 5th Avenue and
Andaz Wall Street in New York, Andaz San Diego, Andaz West Hollywood,
Andaz Napa, Andaz Savannah, Andaz Maui at Wailea, Andaz Liverpool Street
in London, Andaz Amsterdam Prinsengracht, and Andaz Shanghai. For more
information, please visit www.andaz.com.
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® and
Hyatt House® 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
June 30, 2013, the Company's worldwide portfolio consisted of 524
properties in 46 countries. For more information, please visit www.hyatt.com.
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