Hospitality group Hyatt Hotels announced that its affiliates have completed the previously announced sale of Hyatt Resident Group (HRG) to Interval Leisure Group, a global provider of non-traditional lodging across a broad spectrum of the vacation industry.

HRG’s portfolio includes three shared ownership projects in Key West, Florida, US; Hyatt Sunset Harbor, Hyatt Beach House and Hyatt Windward Pointe.

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As part of this transaction, Robert Spottswood, the developer and longtime partner in the Key West projects, sold his partnership interests to HRG.

"We thank Robert for his numerous contributions to HRG and look forward to working with him in the future."

Hyatt capital strategy, franchising and select service global head Steve Haggerty said: "Robert played an important role in the formation of HRG and was a key part of the initial leadership team.

"We are delighted that Robert will continue to be involved with hotel development projects, including Hyatt Place Marathon / Florida Keys, which is scheduled to open early next year.

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"We thank Robert for his numerous contributions to HRG and look forward to working with him in the future."

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The company’s subsidiaries manage, franchise, license, own and develop hotels, resorts, branded residences and vacation ownership properties under the Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place, Hyatt House, Hyatt Zilara, Hyatt Ziva, Hyatt Residences and Hyatt Residence Club brand names, with locations in six continents.

As of 30 June 2014, the company’s worldwide portfolio consisted of 563 properties in 48 countries.