CHICAGO (AP) — Hyatt Lodges will purchase resort-management firm Apple Leisure Group from two non-public fairness corporations for $2.7 billion.
Apple Leisure manages about 100 resorts with greater than 33,000 rooms in 10 international locations. The acquisition will double Hyatt’s presence within the resort enterprise, the corporate mentioned.
Journey has surged this 12 months with the arrival of vaccines for COVID-19, however principally leisure journey. Hyatt is making an attempt to capitalize on that elevated mobility.
Hyatt introduced the cope with associates of personal fairness corporations KKR and KSL Capital Companions on Sunday and mentioned it’s going to shut within the fourth quarter.
Apple Leisure’s manages Secrets and techniques, Goals and Breathless resorts. It additionally operates tour packages to Mexico and the Caribbean.
Hyatt, primarily based in Chicago, mentioned it’s going to fund the acquisition from money together with the sale of $2 billion in belongings and has a $1.7 billion financing dedication from J.P. Morgan.
Shares of Hyatt Lodges Corp. had been flat Monday.
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