Hyatt Moves in on Sorrento MesaTuesday, May 24, 2011
Chicago-based Hyatt Hotels Corp. has purchased three Woodfin Suites hotels, including a 194-room property in San Diego’s Sorrento Mesa neighborhood, for $76.5 million.
A Hyatt statement issued May 18 said the hotels are being rebranded as Hyatt Summerfield Suites. Hyatt plans renovations totaling approximately $15 million at the three properties, which also include locations in Cypress and Emeryville.
Hyatt bought the hotels from O-B Holdings, a joint venture managed by Three Wall Capital LLC through its affiliates.
“These properties are great additions to the Hyatt Summerfield Suites portfolio in markets where the brand is not currently represented,” said Steve Haggerty, global head of real estate and development for Hyatt Hotels Corp.
Hyatt Summerfield Suites are upscale, all-suite, residential-style hotels offering studio, one- and two-bedroom suites, with support services including laundry facilities and business centers.
— Lou Hirsh