Hyatt is growing its portfolio with the acquisition of the Destination, Joie de Vivre, Alila, Thompson, and tommie brands under Two Roads.
Hyatt has inked a deal to acquire Two Roads, an international lifestyle hotel management company with a collection of brands, properties, and robust development pipeline around the globe. The takeover will see the former expand its presence into new markets to a bid to enhance its guest experience.
With Two Roads hotels, resorts, and vacation residences under its belt, the group provides a wider portfolio with best-in-class offerings to deliver compelling experiences and benefits for travellers and its World of Hyatt members, deepen its relationship with hotel owners, and drive growth for shareholders.
The acquisition consists of a base purchase price of $480 million (approximately £368 million), with the potential for Hyatt to invest up to an additional $120 million (nearly £92 million) in the aggregate—contingent on the outcome of certain terms to be individually defined after closing, which is set for later this year.
“Both of our brands share a commitment to genuine care and delivering distinctive experiences to discerning travellers. We’re pleased to be coming together, and are dedicated to learning from each other and taking the best of both organisations forward,” said Mark Hoplamazian, President and CEO of Hyatt Hotels.