Hyatt Hotels Corp. plans to acquire Two Roads Hospitality, a hotel management company that operates lifestyle brands Alila, Destination Hotels, Joie de Vivre, Thompson Hotels and Tommie.
Two Roads formed in 2016 when Commune Hotels & Resorts and Destination Hotels merged. It manages 85 independent hotels, resorts and vacation residences in the Canada, Cambodia, China, India, Indonesia, Mexico, Oman and the U.S. and boasts what Hyatt called a “robust” development pipeline. Those add to Hyatt’s 750 properties across 14 brands in 55 countries. Hyatt plans to combine Two Roads’ brands and its own lifestyle brands in a new lifestyle division. The new brands will roll into the World of Hyatt loyalty program next year. The deal, expected to close this year, totals $480 million, though satisfaction of certain contract terms could add $120 million.
By: Amanda Metcalf
Source: Business Travel News