Jan
13

Three Hyatt Place Hotels in the Carolinas Sold

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hyatt place soldHigh Point-based real estate developer BPR Properties has purchased three Hyatt Place hotels — including one in Greensboro — from an affiliate of Hyatt Corp. for $30 million, with plans to renovate the holdings this year.

BPR’s purchase from Hyatt Corp. included the Hyatt Place hotel on Stanley Road in Greensboro, as well as the Hyatt Place Columbia/Harbison in South Carolina and the Hyatt Place North Raleigh/Midtown. The properties have 378 rooms in all.

BPR’s Hyatt deal, which closed in late December, is part of a plan by the company’s president, Birju Patel, to capitalize on hotel acquisitions through a new hospitality capital management company called Piedmont Summit Capital. Patel teamed up with Winston-Salem real estate investors Andy Dreyfuss and Malay Shah to form Piedmont Summit Capital in July 2014. Piedmont Summit Capital holds a minority stake in BPR’s three Hyatt Place properties and intends to buy three or four hotels before the end of this year.

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    Categories : Columbia, Greensboro, Raleigh

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