PHOENIX (Feb. 6, 2017) — Woodbine Development Corporation and a Hyatt affiliate sold Hyatt Place Gilbert/Phoenix to affiliates of Sethi Management, Inc. HREC Investment Advisors represented Woodbine and Hyatt in this transaction, which closed February 2 and was brokered by Senior Vice President Bill Murney.
Woodbine developed the property, which opened in July 2009 as the first Hyatt-managed, new-build Hyatt Place hotel in the state of Arizona. Since that time, Woodbine served as co-owner/asset manager while Hyatt served as the co-owner/operator of the 127-room hotel, which also features 1,113 square feet of meeting and event space.
“Hyatt Place Gilbert is special to Woodbine because it was the first select-service project we developed,” said King Scovell, chief development officer and managing director for Woodbine. “We have been big fans of the Hyatt Place brand ever since, and we believe this property will continue to be a desirable destination for the many business and leisure travelers who visit the East Valley for years to come.”
“The Valley is a strong destination for business and tourism, and Gilbert is an area that is growing and thriving,” said Gaurav Deep Sethi, vice president of acquisitions and development for Sethi Management. “We believe Hyatt Place Gilbert/Phoenix will be a great asset for our company and continue to be a great asset for the surrounding community.”
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
