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Hyatt Affiliate Acquires Three All-Suites Hotels from
The Hardage Group for $76.5 million;

All to be Re-branded as Hyatt Summerfield Suites with $15 million Planned for Renovations


By Lori Weisberg, The San Diego Union-Tribune
June 6, 2011

A San Diego-based hotel company has sold three of its all-suites hotels, including one in Sorrento Mesa, to an affiliate of Hyatt Hotels Corp.

The $76.5 million sale by The Hardage Group in San Diego included a 142-room hotel in Orange County, a 234-room property in Emeryville in the San Francisco Bay Area, and the 194-room Sorrento Mesa hotel.

Each of the hotels will be re-branded as Hyatt Summerfield Suites hotels, which are upscale, residential-style hotels. Hyatt plans to invest $15 million toward renovating all three properties.

Samuel Hardage, founder of Chase Suite and Woodfin Hotels, said the hotels were sold to help pay off $110 million in debt that was coming due. He explained that hey were among a total of eight hotels that had been refinanced in 2006 as part of a $110 million securitized debt deal. Two other properties also were sold in the last year, he said, and three of the eight were retained.



The former Woodfin Suites hotel in Sorrento Mesa
will now become a Hyatt Summerfield Suites hotel
and eventually will be renovated. — The Hardage Group


For the rest of the story please visit:
http://www.signonsandiego.com/news/2011/jun/02/hyatt-acquires-sorrento-mesa-hotel/


Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


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