Lone Star Funds acquires 38 property Hyatt portfolio

Birmingham's Hyatt Place in Inverness is under new ownership.

Lone Star Funds acquired 38 hotels from Hyatt Hotels Corp. as part of the Hyatt Portfolio, including the 126-guestroom hotel at 4585 U.S. 280.

The total cost of the portfolio was $590 million, and the new owner plans to invest $50 million in capital expenditures across the 38 hotels in the next two years.

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The portfolio totals 4,950 rooms across the country. The Inverness hotel was the only one in Alabama affected by the sale.

Hyatt has reached franchise agreements with Lone Star Funds and each hotel, including the one in Birmingham, will retain its Hyatt Place and Hyatt House branding.

Hyatt Place in Inverness includes 24/7 eat and drink, an outdoor pool, and a 24-hour fitness facility.