Hyatt Hotels Corporation announced that it will acquire Two Roads Hospitality, an international lifestyle hotel management company, for $480 million.
This brings the Alila, Destination, Joie de Vivre, Thompson and tommie brands under the Hyatt portfolio, which allows Hyatt an expanded presence into 23 new markets.
""Hyatt and Two Roads share a commitment to genuine care and delivering distinctive experiences to discerning travelers. 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' collection of lifestyle hotels, resorts and vacation residences affords Hyatt a more diverse portfolio of brands in the lifestyle segment.
"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," added Hoplamazian.
The acquisition transaction is expected to close later this year and Hyatt will provide a preliminary estimate of 2019 earnings accretion.
There are plans to integrate the Two Roads into the World of Hyatt programme next year so members can earn and redeem points across leisure-focused stay option, and contribute to increasing hotel occupancy.