CHICAGO—In the second lodging portfolio deal within the space ofa day, locally based Hyatt Hotels Corp. saidThursday evening that it was selling 38 HyattPlace and Hyatt House properties throughaffiliates to a company organized by Lone StarFunds for $590 million. The Chicago-based hotelier is alsomarketing another six select service assets.
As part of the sale, which is expected to close in November,Hyatt will enter into franchise agreements with the Lone Starentity. All of the properties in the 4,950-key portfolio willmaintain their existing Hyatt Place and Hyatt House branding.
Plano, TX-based Aimbridge Hospitality willmanage the properties on Lone Star's behalf. The Lone Star entityplans to spend $50 million on capital improvements over the next 24months.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
