Phoenix American Hospitality Acquires Six Hyatt Place Hotels In $87M Transaction
DALLAS, TX. January 19, 2017 - Phoenix American Hospitality, a Dallas-based hotel fund manager, announces the $87M purchase of six Hyatt Place Hotels, located in Kansas, Georgia, North Carolina, South Carolina, Texas and Virginia.
Phoenix American Hospitality adds 754 rooms to its select service portfolio with this transaction, which was purchased in partnership with an Institutional Investor.
“We are proud of these six strong additions to our growing portfolio,” said Perch Nelson, President of Phoenix American Hospitality. “We look forward to a successful partnership and enhancing the performance of each property.”
This acquisition is an off-market transaction sourced through industry contacts, and is being acquired at a discount to replacement cost. By consolidating hotel operations and management under a single organization, Phoenix American Hospitality can increase revenues and improve operating margins.
Each Hyatt Place Hotel in this portfolio features a variety of general amenities, including heated indoor/outdoor pools, fitness centers, business centers, complimentary Wi-Fi, and versatile meeting spaces.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
