Summary:
- Sun acquired the Hyatt Place Albuquerque/Uptown in New Mexico.
- The hotel has 1,127 square feet of meeting space, a fitness center and an outdoor pool.
- The 126-key, six-story hotel is near ABQ Uptown and Coronado Center.
SUN CAPITAL HOTELS recently acquired the 126-key six-story Hyatt Place Albuquerque/Uptown in Albuquerque, New Mexico, from an institutional owner. Hunter Hotel Advisors brokered the transaction and terms were not disclosed.
The hotel is near ABQ Uptown and Coronado Center, which together total more than 1.4 million square feet of retail space, Sun said in a statement. Demand drivers include EXPO New Mexico, Tingley Coliseum, the University of New Mexico and the city’s convention, cultural and sports facilities. The hotel has 1,127 square feet of meeting space, a business center, a 24-hour fitness center and an outdoor pool.
Albuquerque-based Sun is led by President and CEO Deepesh Kholwadwala.
“This hotel marks our seventh property in Albuquerque and twelfth overall in our portfolio,” said Kholwadwala. “It’s a great asset right in our front yard, in a high barrier-to-entry submarket. My father started out in Albuquerque in 1981 with a small 23-room motel, so this acquisition carries personal meaning as well. Sun Capital Hotels has seven additional hotels in its pipeline and continues to grow through both new builds and acquisitions.”
Brian Embree, vice president in Hunter’s Los Angeles office, facilitated the transaction, the statement said.
Embree said the Hyatt Place is a top-performing hotel in one of Albuquerque’s strongest districts.
“The property is positioned to capture strong demand from retail, entertainment, university and convention activity, as well as Albuquerque’s thriving film industry,” he said.
In August, Spark GHC acquired the 120-room Home2 Suites by Hilton Wayne in New Jersey from affiliates of DC Hospitality Group.
