Garden City Hyatt Fetches $31M

Credit: gardencity.place.hyatt.com
Credit: gardencity.place.hyatt.com
Summit Hotel Properties, Inc. recently completed the acquisition of three hotels across the country, including the Hyatt Place in East Garden City.

Summit purchased the Hyatt from OTO Development, LLC for $31 million in a deal that closed on Dec. 27, 2012.

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According to BusinessWire.com, "the company expects to spend approximately $305,000 for improvements at this hotel."

The other hotels purchased were Residence Inn by Marriott in Salt Lake City, UT for $20 million and a Hampton Inn & Suites in Tampa, FL for $20.8 million. Summit, a real estate investment trust, currently owns 84 hotels in 21 states.

The East Garden City hotel is located at 5 North Ave. and boasts 122 rooms, an indoor pool, fitness center and conference area, as well as other amenities.

Washington Ave. January 09, 2013 at 02:10 PM
I've never seen this hotel in my life -- it is in GC?
Carisa Giardino January 09, 2013 at 04:46 PM
The hotel is located at 5 North Ave. in E. Garden City, off of Old Country Road behind Buy Buy Baby.


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