Hyatt Hotel Corp announced the sale of 38 Hyatt Place properties to Lone Star for 590 million dollars, close to 460 million euros.
The hotels will remain under the Hyatt brand and be operated under franchise agreements between the Hyatt group and Lone Star. The new owner intends to spend approximately $50 million in additional capital expenditures across the Portfolio, or close to 40 million euros. Aimbridge Hospitality will manage the properties for Lone Star.
With this new transaction Hyatt pursues its growth strategy which consists in buying properties to convert them to its brands and then sell them to investors. Six of the group's hotels dedicated to long stays remain to be sold.
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