We propose a hybrid formulation of the linear inverted pendulum model for bipedal locomotion, where the foot switches are triggered based on the center of mass position, removing the need for pre-defined footstep timings. Using a concept similar to reference spreading, we define nontrivial tracking error coordinates induced by our hybrid model. These coordinates enjoy desirable linear flow dynamics and rather elegant jump dynamics perturbed by a suitable extended class $mathcal K_ınfty$ function of the position error. We stabilize this hybrid error dynamics using a saturated feedback controller, selecting its gains by solving a convex optimization problem. We prove local asymptotic stability of the tracking error and provide a certified estimate of the basin of attraction, comparing it with a numerical estimate obtained from the integration of the closed-loop dynamics. Simulations on a full-body model of a real robot show the practical applicability of the proposed framework and its advantages with respect to a standard model predictive control formulation.