Australia-based ARA Asset Management has completed the acquisition of a portfolio of 38 select-service hotels branded as Hyatt Place and Hyatt House across 21 states in the United States.
The successful acquisition, which is part of ARA’s global expansion plans over the past year, signifies a key milestone for the firm as it makes its maiden entry into the United States.
“Expanding into the U.S. hospitality sector adds on to ARA’s diversified suite of products and services in the public and private markets,” said John Lim, group CEO of ARA. “We will look at injecting this quality portfolio into our growing REITs and private fund platforms in the near future as part of our multi-platform, multi-product global fund management strategy. We are confident of the U.S. hospitality sector, particularly in select-service hotels, where entry yields remain attractive.”
The United States has the most developed hotel market and lodging industry globally, represen
