The IPO portfolio consists of 38 hotels, all within the Hyatt brand portfolio. 27 of them are Hyatt Place hotels, a upscale select-service hotel brand, and 11 of them are Hyatt House hotels, a upscale extended stay hotel brand.
Select service hotels defer from full service hotels in that they are focused mainly on lodging with limited banqueting and F&B outlets.
Extended stay hotels are similar to serviced apartments in that they cater to guests who stay for 1 week or more. Upscale means the offering is more luxurious than normal, which I assume to be at least some F&B outlets within the hotel.
The portfolio is spread out across the whole of the US, with a significant concentration in the South and North-east regions of the country.
Most of the properties are freehold except for 2 properties which still have more than 50 years left of their leases.
Renovations have also been done relatively recently for most properties between 2013-2017, as such there should not be any major capex requirements in the next few years.
Mira's Market Commentary by KGI Securities Singapore
The financial disclosures indicate 3.3m of capital commitments at present, which is not very significant compared to portfolio value.