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Thursday, September 18, 2014

Hyatt Hotels to sell 38 hotels as franchises for about $590 mln, (NYSE: H)

Hyatt Hotels Corp said it will sell as franchises 38 select service hotels to a company organized by Lone Star Funds for about $590 million. The properties, totaling 4,950 rooms under Hyatt Place and Hyatt House brands, provide a select offering of services at a lower price than full-service hotels, and are targeted at markets such as India, China and the Middle East.The company, owner of the Park Hyatt, Grand Hyatt and Hyatt Regency brands, expects the deal to be completed in November. It said it will continue to market six additional select service hotels.Hyatt shares closed at $63.38 on the New York Stock Exchange on Thursday. They have risen about 28 percent this year. (Reporting By Abinaya Vijayaraghavan in Bangalore; Editing by Don Sebastian)

Hyatt Hotels Corporation (Hyatt), is a global hospitality company. Shares of H traded higher by 1.28% or $0.8/share to $63.38. In the past year, the shares have traded as low as $42.82 and as high as $63.29. On average, 279798 shares of H exchange hands on a given day and today's volume is recorded at 484958.