Hyatt to sell 38 hotels for $590 million

Hyatt Hotels Corp. plans to sell 38 hotels, including the Hyatt Place Chicago in Itasca, for about $590 million.

Chicago-based Hyatt, which is controlled by the Pritzker family, announced Thursday is selling the hotels to a company created by Lone Star Funds, a Dallas-based real estate investment firm. The hotels being sold, representing nearly 5,000 rooms, will be managed by Aimbridge Hospitality LLC.

Hyatt said the buyer intends to spend about $50 million on the hotels over the next 24 months. The hotels will keep their Hyatt branding after the sale, which is expected to be completed in November.

“We believe the renovations planned for the portfolio will help maintain the brands’ reputation as the leading brands in their segments and we look forward to deepening our relationship with Lone Star and Aimbridge,” said Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt.

Hyatt’s portfolio consisted of 563 properties in 48 countries as of June 30.