CHICAGO, Dec. 9 (UPI) -- Hyatt Corp. will pay more than $600 million to the Blackstone group for the 143-hotel AmeriSuites chain, the Wall Street Journal reported Thursday.
The deal helps Hyatt diversify from only high-end lodging into a fast-growing segment of the lodging industry, limited-service, all-suites hotels. As part of the $600 million-plus deal, Hyatt is buying 62 AmeriSuites hotels and will manage 48 others. Franchisees will run the remaining 33.
The AmeriSuites chain was considered the crown jewel of Prime Hospitality, for which Blackstone paid $790 million earlier this fall.
Before Prime Hospitality was acquired by Blackstone, it put the value of its AmeriSuites' assets at $488 million. Hyatt also will become manager of 12 other Prime Hospitality hotels that offer full service and will continue to operate under the Prime name.
