ARA US Hospitality Trust is announcing the sale of Hyatt Place Oklahoma City Airport (HPOKC) for a consideration of US$8.0 million:
HPOKC is a select-service hotel with 126 rooms, situated on freehold land located at 1818 South Meridian Avenue, Oklahoma City, Oklahoma, United States, 73108.
The Hotel, which commenced operations in 1997, is amongst the oldest and smallest asset within ARA H-Trust’s portfolio, accounting for 1.2% of total portfolio value as at 31 December 2022, based on the aggregate value of the independent valuations commissioned by ARA H-Trust on its entire portfolio as at 31 December 2022. As the Hotel is located in a market with declining economic conditions exacerbated by the COVID-19 pandemic, it is anticipated to have a longer road to recovery as compared to the other hotels in the portfolio. Being one of the oldest assets in the portfolio, the Property is also envisaged to require sizable capital expenditure outlays relative to its value over the next few years.