Certares Real Estate Management has expanded its hotel portfolio with the acquisition of the Hyatt Regency Savannah in Georgia, US.
The real estate platform acquired the property alongside partner Clearview Hotel Capital. Financial terms were not disclosed.
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The hotel opened in 1981 and is located on River Street along the Savannah riverfront. It comprises 351 guest rooms including 31 suites, and more than 40,000ft² of meeting and event space.
The property also includes multiple food and beverage outlets and a parking garage with capacity for more than 300 cars.
Certares senior managing director Nolan Hecht said: “The Hyatt Regency Savannah exemplifies our strategy of investing in strong, well-located hotels in growing markets.
“We specifically seek out markets where there are diverse demand drivers in both leisure and business, and there is no better example of this than Savannah, which has significantly built out its business infrastructure while doubling down on leisure destinations like the Historic District that make it so unique.
“Partnering with Clearview, an experienced Savannah hotel owner, will help us capitalise on the property’s full potential.”
The companies plan to invest in guestroom and guest-facing improvements at the Hyatt Regency Savannah. The work is intended to support the hotel’s “competitive positioning” while maintaining its role across different traveller segments.
The deal is Certares’ 17th hotel acquisition since it launched its real estate platform in 2021. The company said it has acquired more than 4,000 hotel keys across its real estate portfolio in travel destinations across the US.
In August last year, Trinity Investments sold a majority interest in Hyatt Regency Greenwich to an affiliate of Certares Real Estate Management. The hotel features 374 guest rooms.
