LodgeWorks LP, a private hotel developer, and its private-equity partners has signed an agreement to sell their 24 property portfolio to Hyatt Hotels Corporation for approximately $802 million in cash according to a Bloomberg report. The acquisition includes 24 hotels and related assets, including management, franchise and intellectual property rights; Hyatt indicated that key members of the LodgeWorks management and development teams are expected to join Hyatt.
"We are very proud of our hotels and our teams," said LodgeWorks founder, Chairman and CEO Rolf Ruhfus. "It is exciting to build a portfolio that brings value to our investors and teams and now to an industry-leading Hyatt. We respect the Hyatt heritage and culture and are very pleased to contribute to its growth."
"This is a significant expansion of our presence in the United States and enhances our extended-stay representation with a great collection of high-quality hotels," said Mark Hoplamazian, President and CEO of Hyatt.
For more news and information visit Blumberg Capital Partners.
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