NEW YORK–H.I.G. Realty Partners (“H.I.G. Realty”), a leading fund manager in the small-to-mid cap real estate sector, announced today that its affiliate has acquired the Hyatt Regency Hotel in Indianapolis, Indiana (the “Hyatt Indianapolis”). The Hyatt Indianapolis features 499 newly redesigned guest rooms and amenities, including 35,000 square feet of meeting space, four food and beverage outlets, the Regency Club, a state-of-the-art fitness center and an indoor swimming pool. H.I.G. Realty expects to add value through the implementation of a significant capital improvement plan, as well as the installation of a highly-incentivized management team. The Hyatt Indianapolis is at the center of the city’s leisure attractions and corporate concentration and offers a convenient climate controlled skywalk access to leading demand generators including the Indiana Convention Center, Lucas Oil Stadium, Circle Centre Mall, Bankers Life Fieldhouse and Victory Field. It also benefits from the built-in corporate demand provided by the adjoining 650,200 square foot office towers in the PNC Center. The Hyatt Indianapolis represents H.I.G. Realty’s ninth hotel acquisition in the U.S.
In addition, H.I.G. Realty acquired Plantation Ridge in Atlanta, Georgia. Plantation Ridge is a 218 unit multifamily property which is a continuation of H.I.G. Realty’s workforce housing programmatic strategy. H.I.G. Realty expects to add value through the implementation of a unit and common area upgrade program in order to bring below-market rents to market levels. H.I.G. Realty has acquired and/or developed approximately 10,000 multifamily and student housing units in 17 investments across the U.S.
