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New owner plans $13.5 million in upgrades
Hyatt Hotels Corp. has sold three Chicago-area hotels to a joint venture of AREA Property Partners and Aimbridge Hospitality for $51 million. The hotels involved in the deal—the Hyatt Lisle, Hyatt Deerfield and Hyatt Rosemont—will undergo capital improvement totaling $13.5 million, the AEA/Aimbridge joint venture said.
“The sale of these three properties supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under-represented,“ said Stephen Haggerty, Hyatt's global head of real estate and development. “We are delighted to expand our relationships with AREA and Aimbridge through their purchase and management of these properties, which will continue to be Hyatt-branded.”
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