• Hyatt sells three Chicago hotels

Hyatt Hotels has sold three Chicago-area hotel properties to a joint venture of AREA Property Partners and Aimbridge Hospitality, through one of its affiliates.

The sale and franchise-back deal raised $51m, with the jv to invest a further $13.5m in the properties. "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.

See the full release here:
http://www.hyattpressroom.com/hyatt/en/news_releases0/2010/Hyatt-Announces-Sale-and-Franchising-of-Three-Chicago-Area-Hotels-to-Area-Property-Partners-and-Aimbridge-Hospitality.html

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