Hyatt Hotels Corporation, a Chicago-based global hospitality company, acquired a select service hotel in downtown Minneapolis and will rebrand the hotel as Hyatt Place Minneapolis Downtown following $20 million in capital improvements. The rebranding is scheduled for the summer of 2013. In a move that highlights the growing relationship between the companies, an affiliate of Summit Hotel Properties, Inc. plans to purchase the hotel and enter into a management agreement with a Hyatt affiliate upon completion of the improvements. Hyatt Place Minneapolis Downtown will be the fourth Hyatt-branded hotel in the Minneapolis area and offers easy access to the city’s professional sports stadiums, including the venues for the Minnesota Vikings, Minnesota Timberwolves and Minnesota Twins. The hotel is also walking distance to the city’s historic Hennepin Theater District, as well as lively restaurants, shopping and nightlife. In early October, a Summit Hotel Properties affiliate also closed on the acquisition of seven Hyatt Place hotels and one Hyatt House hotel, and the company entered into an agreement with a Hyatt affiliate to manage these eight Hyatt Place- and Hyatt House-branded hotels. Please see CoStar COMPS #2587406 for more information on this transaction