Hyatt Hotels Corp., Chicago, announced on Friday that it signed an agreement to acquire 24 hotels from the privately-held LodgeWorks, a private hotel development, ownership and management company, and its private equity partners, for US$802 million.

The deal is expected to close in the third quarter.Hyatt expects this purchase to generate approximately US$50 million of adjusted EBITDA during 2012.All the properties are located in the U.S., including five in California, two in Washington, two in Virginia, two in Pennsylvania, two in North Carolina as well as other states. All the hotels will be managed by Hyatt and branded under Hyatt labels, including 16 Hotel Sierra locations that will become Hyatt Summerfield Suites. Five properties, including the AVIA Hotels, are expected to be converted to full service Hyatt brands.The acquisition will enable the company to introduce Hyatt-branded hotels in nine markets where it currently is not represented at all and to establish its extended stay presence in 16 new markets.In addition to the purchase, LodgeWorks President B. Anthony Isaac will be joining Hyatt as well as other members of the LodgeWords management team.Hyatt expects this purchase to generate approximately US$50 million of adjusted EBITDA during 2012.