This is BIG news as Hyatt Hotels Corporation is all set for major expansion this year with the acquisition of Two Roads Hospitality group.
In a major development, Hyatt Hotels Corporation will be acquiring the Two Roads Hospitality group, the company said in a statement recently. In India, Alila Diwa Goa and Alila Fort Bishangarh are the two properties that belong to Two Roads Hospitality.
The expansion means Hyatt will add 85 new properties, spread across eight countries to its portfolio, making its presence in 23 new markets across the world. The acquisition of the international lifestyle hotel management company brings Alila, Destination, Joie de Vivre, Thompson, and tommie brands into the Hyatt group of hotels.
“Hyatt and Two Roads share a commitment to genuine care and delivering distinctive experiences to discerning travellers. We are 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 chief executive officer, Hyatt Hotels Corporation.
“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. 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,” he added.
According to the company, the acquisition consists of a base purchase price of USD480 million, with the potential for Hyatt to invest up to an additional USD120 million in the aggregate, contingent on the outcome of certain terms to be individually defined after closing.