HYATT TO ACQUIRE TWO ROADS
$480 million deal expected to close this year
Hyatt Hotels Corp.’s pending acquisition of Two Roads Hospitality’s boutique, lifestyle brands—Alila, Destination, Joie de Vivre, Thompson and tommie—and management agreements for the majority of its 85 properties in eight countries will expand the hotelier’s presence into 23 new markets.
The base purchase price of the deal is $480 million, with the potential for Hyatt to invest up to an additional $120 million in the aggregate, contingent on the outcome of certain terms to be individually defined after closing. The acquisition is in line with Hyatt’s capital-light platform.
“Hyatt is an ideal home for us as we share many values and a deep commitment to thoughtful growth and creating compelling experiences for our guests,” says Jamie Sabatier, ceo of Two Roads Hospitality. “Hyatt’s unique position in the marketplace brings with it the powerful benefit of global scale while maintaining meaningful personal relationships with team members, guests and owners.”
The transaction is expected to close later this year. Upon completion, Hyatt will create a dedicated lifestyle division in order to integrate Two Roads.
Photo, Terranea, A Destination Hotel, Palos Verdes, CA, USA: Business Wire