Woodbine Development Corporation Completes Sale of Hyatt Place Gilbert/Phoenix to Sethi Management

Woodbine Development Corporation | February 6, 2017

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 spac...