Updated at 1:20 p.m., Wednesday, August 29, 2007
Hyatt sells minority stake for $1 billion
Advertiser Staff and News Services
Global Hyatt Corp., the hotel company controlled by Chicago's Pritzker family, will sell a minority stake to a group of investors including Goldman Sachs Capital Partners for $1 billion, Bloomberg News reported.Goldman and Madrone Capital Partners, a firm affiliated with Wal-Mart Stores Inc. Chairman Rob Walton, will appoint members to the board, Chicago-based Global Hyatt said today in a statement.
Global Hyatt was formed in 2005 when the Pritzkers gathered various Hyatt holdings under one name, Bloomberg said. The family has discussed the breakup of its holdings since the 1999 death of Jay Pritzker, who began the hotel company by buying the Hyatt House in Los Angeles in 1957.
