LODGING Staff

🏨 The Kabani Hotel Group sold the La Playa Hotel redevelopment in Daytona Beach, Florida. The 10-story property, built in 1984 and gutted for redevelopment, was secured by PRM Hotel Group. Over 150 confidentiality agreements were signed during the marketing process. Ahmed Kabani, Luis Garino, and Suraj Dalal of Kabani Hotel Group facilitated the transaction on behalf of the seller, 2500 NORTH ATLANTIC AVE LLC, and the buyer.

🏢 Chicago, Illinois—Hyatt Hotels Corporation plans to acquire Standard International, parent of The Standard and Bunkhouse Hotels, with the transaction expected to close later in the year, subject to conditions. Hyatt's lifestyle rooms grew fivefold from 2017 to 2023. The new lifestyle group, led by Amar Lalvani, will be based in New York City, combining Standard International and Hyatt teams. The deal includes 21 hotels with approximately 2,000 rooms. Sansiri PLC, which acquired a majority in Standard International in 2017, will remain involved. Hyatt will pay a base of $150 million with up to $185 million more later; stabilized fees from the base are about $17 million and could reach $30 million. Moelis & Company LLC and Venable LLP advised Hyatt.

🌏 Rockbridge acquired the 200-room Hyatt House Chicago West Loop/Fulton Market near McDonald’s global HQ and Chicago’s United Center. Fulton Market is a hub for offices, residences, dining, and nightlife. The hotel, built in 2019, offers amenities like a rooftop center, pool, and fitness center. Jones Lang LaSalle advised the sellers on the transaction.