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Hyatt reports that the acquisition consists of a base purchase price of $480 million, with the potential for Hyatt to invest up to an additional $120 million.
Duncan at the session said that one of the reasons Westchester is attractive to the firm is that there has been approximately six million square feet of outdated office space taken off the market in the last 10 years or so.
Houston CityPlace Marriott at Springwoods Village is located at 1200 Lake Plaza Dr. next to the CityPlace Plaza at the eastern end of CityPlace, a 60-acre mixed-use district in Springwoods Village.
The Austin, TX-based hotel REIT also reports that it has closed on the sale of the 148-room Hyatt Place Fort Myers/at the Forum in Fort Myers, FL for $16.5 million or approximately $111,000 per key.