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Jul. 20, 2013

Promise Hotels Acquires Hyatt Place Tulsa Southern Hills

By Gabriel Circiog, Associate Editor

Promise Hotels has acquired the Hyatt Place Tulsa Southern Hills, a 126-key property located at 7037 South Zurich Ave. in the South Tulsa Medical District.

County records report the hotel’s sale price as $8.4 million, according to the Tulsa World.

“The Hyatt Place, which has been renamed to the Tulsa South/Medical District . . . fits nicely into our growth strategy, in terms of geography, brand, and quality,” Promise Hotels president & CEO Paresh Patel explained in a statement. “With our hotel management track record of success, we are confident this hotel will have a solid performance and positive return on investment for owners and first-class hospitality experience for guests.”

Situated near St. Francis Hospital and the intersection of 71st St. and Yale Ave., the six-story, 75,792-square-foot property is located in the heart of Tulsa’s business and shopping district. The Hyatt Place offers high-definition TVs, complimentary Wi-Fi access throughout the property and 1,100 square feet of meeting space able to accommodate 75 guests.

In multi-family transaction news, a Tulsa asset is one of three sold by Continental Properties Company, Inc., the company announced on July 9. Springs at East Fifty-First, a 168-unit complex, is located north of Broken Arrow Expressway. It opened in November 2011. According to the Tulsa World, the property commanded $17 million from a buyer with a Los Angeles address identified in public records as East Fifty First Property Owners L.L.C.

Menomonee Falls, Wis.-based Continental also sold Springs at Chatham Parkway, comprising 352 units in Savannah, Ga., and Springs at Heritage Lakes, a 184-unit property in Lincoln, Neb.

Photo Courtesy of: www.tulsa.place.hyatt.com

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