Xenia Hotels Acquires Park Hyatt Aviara Resort for $170M
The deal calculates out to approximately $520,000 per key for the luxury resort.
CARLSBAD, CA—Xenia Hotels & Resorts Inc. reports it has purchased the 327-room Park Hyatt Aviara Resort, Golf Club & Spa here for $170 million.
The deal calculates out to approximately $520,000 per key for the luxury resort. Situated on a prominent 222-acre in the 1,443-acre Aviara master planned community, Park Hyatt Aviara Resort, Golf Club & Spa also features 78,000 square feet of meeting space, a 15,000-square-foot Aviara Spa, six tennis courts, two outdoor swimming pools, Aviara Kids Academy and the Aviara Golf Club, which includes an 18-hole golf course designed by golf legend Arnold Palmer.
Marcel Verbaas, chairman and CEO of Xenia, says of the acquisition, “Our ability to purchase the resort at a price substantially below replacement cost and well below those of comparable resorts in the region provides a significant value creation opportunity for the company.”
He adds, “The property has an irreplaceable location in the Northern San Diego submarket and should benefit from high barriers to entry and very limited luxury resort supply in the development pipeline. We see substantial opportunities to enhance financial performance at the resort through our asset management initiatives as well as a comprehensive capital plan to elevate the resort above its prior competitive positioning.
The resort will continue to be managed by Hyatt, which has managed the property since 2010. Hyatt manages eight other assets owned by Xenia, including Hyatt Centric Key West Resort & Spa, Hyatt Regency Santa Clara, Andaz San Diego, Andaz Savannah, Andaz Napa, Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and the Royal Palms Resort & Spa.
Xenia Hotels & Resorts owns 41 hotels comprising 11,566 rooms, across 17 states and the District of Columbia.
The deal calculates out to approximately $520,000 per key for the luxury resort. Situated on a prominent 222-acre in the 1,443-acre Aviara master planned community, Park Hyatt Aviara Resort, Golf Club & Spa also features 78,000 square feet of meeting space, a 15,000-square-foot Aviara Spa, six tennis courts, two outdoor swimming pools, Aviara Kids Academy and the Aviara Golf Club, which includes an 18-hole golf course designed by golf legend Arnold Palmer.
Marcel Verbaas, chairman and CEO of Xenia, says of the acquisition, “Our ability to purchase the resort at a price substantially below replacement cost and well below those of comparable resorts in the region provides a significant value creation opportunity for the company.”
He adds, “The property has an irreplaceable location in the Northern San Diego submarket and should benefit from high barriers to entry and very limited luxury resort supply in the development pipeline. We see substantial opportunities to enhance financial performance at the resort through our asset management initiatives as well as a comprehensive capital plan to elevate the resort above its prior competitive positioning.
The resort will continue to be managed by Hyatt, which has managed the property since 2010. Hyatt manages eight other assets owned by Xenia, including Hyatt Centric Key West Resort & Spa, Hyatt Regency Santa Clara, Andaz San Diego, Andaz Savannah, Andaz Napa, Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and the Royal Palms Resort & Spa.
Xenia Hotels & Resorts owns 41 hotels comprising 11,566 rooms, across 17 states and the District of Columbia.