Hyatt Place Garden City hotel sells for $31M

The Hyatt Place Garden City hotel was sold for $31 million to Summit Hotel Properties, Inc., the buyer said in a news release.

The South Dakota-based Summit  said it plans to put about $305,000 in improvements into the 122-room hotel on North Avenue in Garden City.

Several days before the sale closed on Dec. 27, the Town of Hempstead Industrial Development Agency approved the transfer of benefits on the property to the new owner that the pervious owner, South Carolina-based Oto Development Llc, received in the form of payments in lieu of taxes.