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INLAND CONTINUES HOTEL BUYING SPREE WITH $76M HYATT KEY WEST

KEY WEST, FLA. — Inland American Lodging Group Inc. has acquired the Hyatt Key West Resort and Spa, a 118-room hotel on the Gulf of Mexico, for approximately $76 million. The hotel, sold by a Hyatt affiliate, will continue to be managed by Hyatt under a new management agreement.

“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 Inc. “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 property, which underwent a $10 million renovation in 2006, includes two restaurants — Shor American Seafood Grill and Blue Mojito Pool Bar and Grill — and the Jala Spa. The hotel also features a heated outdoor swimming pool and whirlpool, sundeck, Hyatt Stay Fit gym, business center, poolside cabanas and 2,500 square feet of meeting and event space.

Hyatt has sold seven full-service hotels or resorts for more than $500 million this year.

“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 of real estate and capital strategy for Hyatt. “Recycling our capital through transactions like this positions Hyatt to pursue strategic growth opportunities.”

Inland American now holds seven Hyatt-managed hotels or resorts in its portfolio. The acquisition of the Hyatt Key West Resort and Spa is the 14th hotel purchase for the company in 2013.

Acting on behalf of non-traded REIT Inland American Real Estate Trust, Orlando-based Inland American Lodging Advisor oversees a portfolio of more than 18,000 rooms in 90-plus hotels. Brands represented in the portfolio include Westin, Marriott, Hilton, Fairmont and IHG.

Inland American Real Estate Trust is one of six REITs sponsored by the Inland Real Estate Investment Corp., which is part of the Oak Brook, Ill.-based Inland Real Estate Group of Cos.

— John McCurdy

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