Thirty-eight Hyatt Select Service Hotels were acquired by Lone Star Funds and will be managed by Aimbridge Hospitality, one of the nation's largest independent hotel management and investment firms.

The properties span the United States and include 27 Hyatt Place Hotels and 11 Hyatt House Hotels. Previously owned and managed by Hyatt Hotels & Resorts, these properties will initiate renovation or refurbishment programs beginning next year.

"This is a benchmark opportunity for Aimbridge Hospitality," said Dave Johnson, president and CEO of Aimbridge Hospitality. "We look forward to collaborating with the management teams at these Hyatt select-service hotels to enhance their properties and services, and to maximize their market share."

The portfolio includes Hyatt Hotels in major metropolitan markets such as Chicago, Atlanta, Charlotte, Denver, Nashville, Memphis, Pittsburgh, Tampa, Boston and New Jersey.