Hyatt Buys Local Travel Conglomerate for $2.7 Billion
Hyatt Hotels Corp. is buying travel conglomerate Apple Leisure Group out of Newtown Square for $2.7 billion in cash, writes Ben Miller for the Philadelphia Business Journal.
The purchase from KKR and KSL Capital Partners doubles Hyatt’s global resorts footprint.
The deal adds 100 hotels to Hyatt’s portfolio and gives it access to a pipeline of 24 executed deals in Europe and the Americas.
The Apple Leisure hotel portfolio dates back to 1969 and includes 33,000 rooms in 10 countries.
Apple Leisure brands include Secrets Resorts & Spas, Dreams Resorts & Spas, Breathless Resorts & Spas, and Zoëtry Wellness & Spa Resorts, as well as ALG Vacations and Unlimited Vacation Club by AMR, which has 100,000 members.
Apple Leisure Group is headquartered at 7 Campus Boulevard.
“The combination of this value-creating acquisition and the $2 billion increase in our asset sale commitment will transform our earnings profile, and we expect Hyatt to reach 80 percent fee-based earnings by the end of 2024,” said Hyatt CEO Mark Hoplamazian.
Hyatt plans to drastically increase its European presence by the end of 2023. It’s also adding 24 more hotels in India by 2023.
Read more about Apple Leisure Group in the Philadelphia Business Journal.
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