Inland Picks Up Andaz Hotels for $115M

OAK BROOK, IL—Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., has just acquired an Andaz hotel in Napa, CA, and one in Savannah, GA, for about $115 million. The hotels, both part of Chicago-based Hyatt Hotels Corp.’s boutique lifestyle brand, will be the second and third Andaz hotels in Inland American’s portfolio, following the purchase of Andaz San Diego earlier this year. A Hyatt affiliate will continue to manage both hotels.

“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,” says Marcel Verbaas, president and CEO of Orlando-based Inland American Lodging Advisor, Inc. The firm currently oversees 93 hotels with 17,822 rooms under various brands including Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG. Brand managers or independent third-party management companies typically manage the hotels.