Deals
Lone Star to Buy 38 Hotels From Hyatt for $590 Million
This article is for subscribers only.
Lone Star Funds, the private-equity firm founded by billionaire John Grayken, agreed to buy 38 U.S. select-service hotels from Hyatt Hotels Corp. for about $590 million.
The purchase consists of about 4,950 rooms at properties including Hyatt Place and Hyatt House hotels, Chicago-based Hyatt said in a statement today. The hotels will maintain their existing branding under a franchise agreement between Hyatt and Lone Star, which plans to spend about $50 million in additional capital on renovations over the next two years.