Hyatt Hotels Corporation has announced an agreement to acquire lifestyle hotel management company Two Roads Hospitality.
Hyatt described the Two Roads Hospitality portfolio as ‘a unique collection of distinctive brands, properties and a robust development pipeline around the globe’ and said the acquisition will strengthen its lifestyle and wellbeing offerings for high-end travelers worldwide.
The company has 85 properties in eight countries, operating under the Alila, Destination, Joie de Vivre, Thompson and Tommie brands.
Through the addition of Two Roads, Hyatt will expand its brand presence into 23 new markets.
The acquisition consists of a base purchase price of $480 million, with the potential for Hyatt to invest up to an additional $120 million.
Hyatt president and CEO Mark Hoplamazian said: "Hyatt and Two Roads share a commitment to genuine care and delivering distinctive experiences to discerning travellers.
"Two Roads’ passionate team members, strong brands, global footprint and robust development pipeline will expand our lifestyle offerings and grow Hyatt’s brand presence in more places where our guests and World of Hyatt members want to travel."
The acquisition significantly expands its footprint in Asia.
"Importantly, combining Two Roads’ meaningful brand presence and development plans in Asia with Hyatt’s already strong position in this region will allow us to accelerate expansion in this critically important and fast-growing part of the world," Hoplamazian added.
Two Roads’ Asia based brand Alila Hotels & Resorts last year announced a move into North America with the signing of Ventana Big Sur, an Alila Resort.
