Summit Hotel Properties, Inc. (NYSE: INN) today announced the grand opening of the 168-guestroom Hyatt House Across From Orlando Universal Resort. The newly constructed hotel is located adjacent to the Company's existing Hyatt Place hotel and situated within walking distance of Universal Orlando Resort and a short shuttle ride from the new Volcano Bay water park. Other nearby entertainment venues include Walt Disney World® Resort, SeaWorld®Orlando, ICON Orlando 360, and SEA LIFE Orlando Aquarium. Major corporations in the area include Lockheed Martin, Siemens, and Deloitte, among others, and Hyatt House Across From Orlando Universal Resort provides easy access to the Orange County Convention Center, downtown Orlando, and Orlando International Airport.
"We are thrilled with the opening of the new Hyatt House Across From Orlando Universal Resort which will be a great addition to our portfolio of well located, high-quality hotels in one of the best performing markets in the country," said Dan Hansen, the Company's Chairman, President and Chief Executive Officer. "Utilizing our in-house development expertise, we successfully executed on this project as an opportunistic way to create value on a vacant land parcel we acquired at the time we purchased the adjacent Hyatt Place hotel. The two hotels will nicely complement one another and are expected to generate incremental revenue opportunities through a collaborative sales effort and benefit from efficiencies achieved through a shared cost structure," commented Mr. Hansen.
"Orlando continues to experience record-breaking tourism numbers among leisure travelers and convention attendees. We are confident Hyatt House Across From Orlando Universal Resort will bring a new and dynamic guest experience to the marketplace, and is a great example of our continued focus on growing premium hotels that will attract business and leisure travelers alike," said Susan Santiago, Senior Vice President of Operations, Hyatt Place and Hyatt House. "I want to offer my congratulations and thanks to Dan and his team at Summit Hotel Properties who collaborated with us in order to bring this development to fruition."
The total construction cost for the Hyatt House hotel was $32.7 million, or approximately $194,500 per key, excluding land, and the Company expects the hotel to contribute $1.0 million of earnings before interest, taxes, depreciation, and amortization for real estate ("EBITDAre") during the remainder of 2018. The forecasted EBITDAre contribution was included in the Company's updated 2018 financial outlook provided on May 2, 2018. The Hyatt House Across From Orlando Universal Resort is now accepting reservations for June 27, 2018
Logos, product and company names mentioned are the property of their respective owners.