Inland American Real Estate Trust, Inc. expands lodging portfolio with purchase of Hyatt Key West Resort and Spa
Inland American Lodging Group, Inc. (“Inland American”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., and Hyatt Hotels Corporation?H?+0.17%?, today announced that Inland American 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.