Global Hyatt Corporation today confirmed it has entered into a definitive agreement to acquire the 21-hotel Summerfield Suites brand and franchise system for an undisclosed price. The deal, which is expected to close early next year, follows Hyatt's acquisition of AmeriSuites and subsequent development of the Hyatt Place brand
(BTN, Oct. 17).
Although initial speculation suggested Hyatt would roll the upper upscale extended stay brand into the newly created Hyatt Place, Hyatt in a statement said it would create a new brand in the extended stay category.
"Global Hyatt will develop an extended stay prototype concept for new-build hotels and new brand standards criteria for converting existing Summerfield Suites hotels to a new Hyatt-branded extended stay product," the company said in a statement.