Summit Hotel Properties Inc., an Austin-based real estate investment trust, announced Monday April 3 it has invested $22 million to acquire the Hyatt Place Phoenix-Mesa hotel.
The 152-room Mesa property is within walking distance of Sloan Park, the Chicago Cubs spring training stadium southeast of Loop 101 and Loop 202 and only a few miles from Hohokam Park, the spring home of the Oakland Athletics.
Oakland owner Lew Wolff is the former owner of the Hyatt Place.
Summit said it plans to invest $1.1 million in capital improvements for the hotel over the next two years.
Summit’s portfolio includes more than 80 hotels in 23 states with a total of 11,000 rooms.