Woodbine Development Corporation Completes Sale of Hyatt Place Gilbert/Phoenix to Sethi Management
PHOENIX, AZ. February 7, 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 space.
“Hyatt Place Gilbert is special to Woodbine because it was the first select-service project we developed,” said King Scovell, chief development officer and managing director for Woodbine. “We have been big fans of the Hyatt Place brand ever since, and we believe this property will continue to be a desirable destination for the many business and leisure travelers who visit the East Valley for years to come.”
“The Valley is a strong destination for business and tourism, and Gilbert is an area that is growing and thriving,” said Gaurav Deep Sethi, vice president of acquisitions and development for Sethi Management. “We believe Hyatt Place Gilbert/Phoenix will be a great asset for our company and continue to be a great asset for the surrounding community.”
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Woodbine Development Corporation
Woodbine Development Corporation is a full-service real estate company with over 40 years of development, investment, acquisition and asset management experience. With offices in Dallas, Phoenix and Los Angeles, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company's hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning and renovation of over 7,000 hotel rooms. To learn more, visit www.woodbinedevelopment.com.
Contact:
Amanda Fier
[email protected]
480.748.7087
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
