Travel -: Hyatt partners to invest $80 million in new hotels

Travel - Headlines from Hyatt partners to invest $80 million in new hotels 12 Jul 2011, 2:10 pm A Hyatt Place room. (Hyatt) By Julie Wernau Tribune staff reporter 8:10 a.m. CDT, July 12, 2011 Chicago-based Hyatt Hotels Corp. is partnering with an investment firm to invest $80 million in new Hyatt Place and Hyatt Summerfield Suites hotels. Under the joint venture, Noble Investment Group will be a 60 percent owner in the properties and a Hyatt affiliate will own 40 percent. Noble -- which has invested more than $1.7 billion in hotels and resorts in the U.S. -- will invest up to $48 million in new Hyatt hotels. Hyatt's affiliate sold six Hyatt Place and two Hyatt Summerfield Suites for $110 million to support the joint venture, which will also invest $5 million to renovate those properties. Nobel currently manages 21 Hyatt-branded hotels as part of its 10,000 room management portfolio. "Strengthening our representation in the select service segment is a top priority for Hyatt as it helps to enhance our ability to serve our corporate customers," said Hyatt's president and CEO Mark Hoplamazian. The first new development -- a 149-room Hyatt Summerfield Suites hotel -- is slated for Atlanta's Cobb Galleria area and scheduled to open in 2013. The eight properties acquired by the joint venture are in Boston, Miami, Atlanta, Fairlawn, N.J., Fort Worth, Texas Minneapolis and Princeton, N.J. jwernau@tribune.com | Twitter: @littlewern You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed.