November 14, 2014 // Franchising.com // CHICAGO – Hyatt Hotels Corporation (NYSE: H) today announced that its affiliates have closed on the previously announced sale of 38 hotels to a company organized by Lone Star Funds (the "Purchaser"). The portfolio of 38 hotels (the "Hyatt Portfolio") consists of Hyatt Place and Hyatt House hotels totaling 4,950 rooms. As part of the sale, Hyatt has entered into franchise agreements with the Purchaser, with all hotels retaining their existing Hyatt Place and Hyatt House branding.
The total proceeds from the sale of the Hyatt Portfolio, which is comprised of the hotels listed below, were approximately $590 million. The Purchaser intends to spend approximately $50 million in additional capital expenditures across the Hyatt Portfolio over the next 24 months.
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The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company’s subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties, including under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt Zilara™, Hyatt Ziva™, Hyatt Residences® and Hyatt Residence Club® brand names and have locations on six continents. As of September 30, 2014, the Company's worldwide portfolio consisted of 573 properties in 48 countries. For more information, please visit www.hyatt.com.
SOURCE Hyatt Hotels Corporation
Amy Patti
Media Relations
312 780 5620
amy.patti@hyatt.com
Atish Shah
Investor Relations
312 780 5427
atish.shah@hyatt.com
Hyatt Hotels Corporation, headquartered in Chicago, is a hospitality company.