MIAMI—Inland American Lodging Group, a wholly owned subsidiary of Inland American Real Estate Trust, has acquired the Hyatt Key West Resort and Spa in Key West, FL. Inland grabbed the hotel from a Hyatt affiliate for about $76 million.
"We are extremely pleased to have added Hyatt Key West Resort and Spa to our portfolio,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor. “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.”
The acquisition represents the 14th hotel purchased by Inland 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.
“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,” says Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “Recycling our capital through transactions like this positions Hyatt to pursue strategic growth opportunities.”
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 sundeck, poolside cabanas and a Hyatt Stay Fit Gym. It also features three meeting and event spaces totaling about 2,500 square feet. 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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
