Hyatt Acquires Irvine Extended Stay Site
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IRVINE, CA—Hyatt Development has acquired a hotel site entitled for a 170-guestroom extended-stay hotel here for an undisclosed price from LBA Realty, a full-service real estate investment and management company. The site, located at the Campus at Main Corporate Center, is nearest to the Orange County Airport submarket.
Michael Blahosky, SVP in HREC Investment Advisors' Los Angeles office, exclusively represented LBA Realty in the transaction. "There were a number of unexpected challenges that caused many delays along the way," he says. "The seller and buyer are to be congratulated for staying committed to getting this deal done in spite of the setbacks."
The greater Orange County lodging market comprises a mix of full and limited-service hotels offering more than 5,000 guestrooms.
“This project represents Hyatt's commitment to extend its Hyatt House select-service product into major corporate markets," says Chris Gebert, Hyatt's VP of corporate real estate development. "It is a great representation of Hyatt's continued growth strategy of its highly stylized Hyatt House select-service brand presence. It is one of many projects under development, as Hyatt corporately develops, owns and manages select-service hotels throughout North America."
As GlobeSt.com's hospitality thought leader, Hospitality Real Estate Counselors (HREC) provides both a property brokerage and capital advisory perspectives to our readership. For MORE lodging sector insights and analysis, click here.
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