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May 9, 2017

Nearly 40 hotels in Lone Star Real Estate Fund III’s select-service portfolio received renovations to guest rooms and common areas

Dallas, Texas
Global private equity firm Lone Star Funds with Aimbridge Hospitality, one of the nation’s largest independent hotel management companies, today announced the recent completion of an approximately $55 million renovation project across its Aimbridge-managed Hyatt Place and Hyatt House properties throughout North America.

A total of 38 hotels received renovations that included new and revitalized indoor and outdoor guest areas to exceed expectations of modern day travelers seeking the comfort of residential amenities and space while away from home.

“We are proud of the extensive renovations made on time and on budget at nearly 40 of our select-service hotels in our portfolio, and the feedback from our guests has been overwhelmingly positive,” said Hugh J. Ward III, senior managing director at Lone Star North America Acquisitions (NY), LLC.  “We are extremely appreciative of the tireless efforts of Aimbridge Hospitality, our joint venture partner and manager, and Hudson Advisors, our servicer working in conjunction with the talented team at Hyatt to accomplish this impressive project. The Hyatt Place and Hyatt House select service hotels within our portfolio are now well positioned to capture increased market share while providing an exceptional guest experience consistent with the Hyatt brand.”

Lone Star Real Estate Fund III’s Aimbridge-managed renovated Hyatt Place hotels include:

Hyatt Place Albuquerque Airport
Hyatt Place Atlanta Alpharetta Windward Parkway
Hyatt Place Atlanta Norcross Peachtree
Hyatt Place Birmingham Inverness
Hyatt Place Boise Towne Square
Hyatt Place Charlotte Airport Tyvola Road
Hyatt Place Chicago Itasca
Hyatt Place Cincinnati Airport Florence
Hyatt Place Cincinnati Northeast
Hyatt Place Cleveland Independence
Hyatt Place Denver Airport
Hyatt Place Detroit Auburn Hills
Hyatt Place Detroit Livonia
Hyatt Place Lakeland Center
Hyatt Place Memphis Primacy Parkway
Hyatt Place Mystic
Hyatt Place Nashville Brentwood
Hyatt Place Nashville Opryland
Hyatt Place Oklahoma City Airport
Hyatt Place Omaha Old Market
Hyatt Place Pittsburgh Airport
Hyatt Place Pittsburgh Cranberry
Hyatt Place Richmond Arboretum
Hyatt Place Tampa-Busch Gardens
Hyatt Place Sacramento Rancho Cordova
Hyatt Place Secaucus Meadowlands
Hyatt Place Louisville East

Room renovations at the Hyatt Place properties included new Cozy Corner sofa-sleeper sectionals, new carpeting, bedding, window furnishings, and updated bathrooms with stand-alone showers. To complement the new guestrooms, these hotels also transformed the public space with new furniture, technology upgrades, a revitalized breakfast and bar area offering coffee to cocktails, and the addition of a 24/7 guest market.

Lone Star Real Estate Fund III’s Aimbridge-managed renovated Hyatt House hotels include:

Hyatt House Boston Burlington
Hyatt House Bridgewater Branchburg
Hyatt House Fishkill
Hyatt House Morristown
Hyatt House Raleigh Durham Airport
Hyatt House Parsippany Whippany
Hyatt House Parsippany
Hyatt House Philadelphia Plymouth Meeting
Hyatt House Richmond West
Hyatt House Shelton
Hyatt House Washington Dulles

Renovations to the Hyatt House hotels included the addition of the brand’s signature H Bar, featuring the Sip + Snack Menu, a delicious menu including Bar Bites + Shareables, soups and sandwiches, plus premium beer and wine. The hotels’ outdoor areas, Outdoor Commons, were also enhanced with BBQs and fire pits, making them inviting places to sip refreshments, enjoy savory bites, and reconnect with friends and family. 

“Hyatt is committed to supporting our owners and franchisees – and, in turn, we appreciate when they do the same with their assets, as Lone Star has done with its nearly 40 Hyatt Place and Hyatt House hotels,” said Jim Chu, global head select service & franchise strategy, Hyatt. “It’s a strong testament to our combined commitment to product excellence.”

Susan Santiago, SVP global select & franchise operations for Hyatt added, “The relaunch of these hotels complements our recently announced new loyalty program, World of Hyatt, which is about celebrating members through the notion of understanding, and delivering what they want from our hotel brands. The Lone Star renovation is based on similar principals of recognizing and evolving our brands based on guests’ needs and expectations. With the benefit of this substantial capital investment and our brand initiatives, we look forward to what our partners and Hyatt can achieve in 2017 and beyond.”

About Lone Star Funds

Lone Star is a global private equity firm that invests in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized seventeen private equity funds with aggregate capital commitments totaling over $70 billion.

About Aimbridge Hospitality

Aimbridge Hospitality is the nation’s second largest independent hotel investment and management firm with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas and with development offices in Chicago, Dallas and Puerto Rico, Aimbridge currently owns and/or manages over 500 upscale, independent and branded hotels with nearly 70,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Embassy Suites, DoubleTree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Hyatt, Wyndham, Choice Hotels and the Phoenix Inn Suites chain of hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.

About Hyatt Place

Hyatt Place, a brand of Hyatt Hotels Corporation, combines style, innovation and 24/7 convenience to create a seamless stay with modern comforts. There are more than 260 Hyatt Place locations in the United States, Armenia, Brazil, Chile, China, Costa Rica, Honduras, India, Mexico, Morocco, Nicaragua, Panama, Puerto Rico, Thailand, The Netherlands, United Arab Emirates, and United Kingdom. Join the conversation on Facebook and Instagram, and tag photos with #HyattPlace and #WhySettle.

About Hyatt House

Hyatt House, a brand of Hyatt Hotels Corporation, launched in 2012 and offers more than 70 locations throughout the United States, China and Puerto Rico. Inspired by extensive research into guest experiences, Hyatt House hotels offer services, amenities, upscale spaces and a casual, comfortable environment that reminds guests of home. Join the conversation on Facebook and tag photos with #HyattHouse and #WhySettle.

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The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.