Hyatt Officially Closes On Lodgeworks Deal

Friday, September 02, 2011

Hyatt Hotels Corporation is slimming down its proposed purchase of LodgeWorks assets.

In a U.S. Securities and Exchange Commission filing Wednesday, the company said it will buy 20 hotels from LodgeWorks for US$661.13 million. Hyatt last month announced it would buy 24 properties for US$802 million.

A Hyatt spokeswoman declined comment this morning. A message left with a LodgeWorks official was not returned prior to deadline.

It was not immediately clear which properties are excluded from the buy. Hotels included in the original purchase agreement included: 17 Hotel Sierra hotels; four AVIA Hotels; two Hyatt Summerfield Suites; and one Hyatt Place.

Still included in the deal are related assets, including management, franchise and intellectual property rights. Key members of the LodgeWorks management and development team are expected to join Hyatt as part of the transaction.

The uneasy capital markets are wreaking havoc with hotel transactions these days. The Hyatt announcement comes on the heels of the news earlier this week that Cerberus Capital Management LP and Chatham Lodging Trust nixed their proposed acquisition of 64 Innkeepers USA Trust properties for US$1.1 billion.

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