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NAPA, CALIF., AND SAVANNAH, GA. — Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., has acquired two Andaz hotels in Napa and Savannah for approximately $115 million. The properties mark the second and third Andaz hotels in Inland American’s portfolio, following the $53 million purchase of Andaz San Diego earlier this year.
The hotels are part of Hyatt Hotel Corp.’s boutique lifestyle brand. A Hyatt affiliate will continue to manage the properties, both of which were built in 2009 and branded as Andaz hotels in 2012, but will not retain its ownership interest.
“We are very pleased to be expanding our relationship with Hyatt through the acquisition of these boutique lifestyle hotels, operating under the exciting and growing Andaz brand,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “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.”
The five-story Andaz Napa is located in downtown Napa’s West End district. The project includes 141 rooms, including 89 lofts and suites. The hotel offers 6,800 square feet of event space and a 4,200-square-foot outdoor terrace.
Andaz Savannah features 151 rooms on six floors, including 68 lofts and suites. The hotel, which is located in the city’s historic district, includes 6,700 square feet of meeting and banquet space.
“This transaction allows Hyatt to retain its brand and management presence in the Savannah and Napa markets and furthers our capital recycling strategy,” says Stephen Haggerty, global head of real estate and capital strategy for Hyatt. “As the owner of Andaz San Diego, Inland American truly understands the essence of the Andaz brand and we are delighted to broaden our relationship with a quality owner and look forward to future collaboration.”
Orlando, Fla.-based Inland American Lodging Advisor acquires and manages a portfolio of lodging properties on behalf of Inland American Real Estate Trust Inc., headquartered in Oak Brook, Ill. The company oversees 93 hotels with 17,822 rooms.
Hyatt Hotels Corp., based in Chicago, has a portfolio of 524 properties in 46 countries. The company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt House brand names.
— Brittany Biddy