CHICAGO—In the second lodging portfolio deal within the space of a day, locally based Hyatt Hotels Corp. said Thursday evening that it was selling 38 Hyatt Place and Hyatt House properties through affiliates to a company organized by Lone Star Funds for $590 million. The Chicago-based hotelier is also marketing 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 Star entity. All of the properties in the 4,950-key portfolio will maintain their existing Hyatt Place and Hyatt House branding.

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