Hyatt Completes Two Roads Deal
Price tag reduced to $405M from $480M
Hyatt Hotels Corp. has added five lifestyle brands—Alila, Destination, Joie de Vivre, Thompson and tommie—to its portfolio, expanding its presence into 23 new markets.
The deal was first announced in October, with a $480 million price tag. The base purchase price for the acquisition was since revised to $405 million, and the aggregate potential additional consideration from Hyatt was revised to $96 million from $120 million. The change in price reflects exclusion of certain properties from the transaction, including properties not operated under the Two Roads brands and properties that will continue to be managed or licensed directly by an affiliate of sellers.
As part of the deal, Hyatt is establishing a new dedicated lifestyle division to combine the operations of Two Roads’ and Hyatt’s lifestyle brands. Two Roads’ brands are expected to join the World of Hyatt loyalty program soon.
Photo of Cindy's at the Chicago Athletic Association: Business Wire