KUALA LUMPUR, Nov 30 (Bernama) -- Hyatt Hotels Corporation and Dream Hotel Group have announced an agreement for a Hyatt affiliate to acquire Dream HotelGroup’s lifestyle hotel brand and management platform.
In a statement, Hyatt said that the acquisition will include the Dream Hotels, the Chatwal Hotels and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe and Asia.
“This asset-light acquisition will include a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future.
“Upon closing, this expansion will add over 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 per cent,” it said.
It said that upon closing, Hyatt will pay a base purchase price of US$125 million (US$1=RM4.48), with up to an additional US$175 million over the next six years as properties come into the pipeline and open.
The hospitality company said that the transaction is anticipated to close in the coming months, subject to customary closing conditions.
“Following the completion of the transaction, Hyatt will work to welcome the new properties into the World of Hyatt loyalty programme, bringing more stay occasions and destinations to its member base,” it said.
In line with this deal, Dream Hotel Group founder Sant Singh Chatwal will continue his commitment as an owner of four open and two future hotels that are expected to join the Hyatt portfolio, while chief executive officer Jay Stein will join Hyatt as head of Dream Hotels to guide the integration of the group brands into the Hyatt portfolio.
“We look forward to continuing our growth journey with more than 600 new Hyatt family members who will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division,” said Hyatt president and chief executive officer Mark Hoplamazian.
Headquartered in Chicago, Hyatt is a leading global hospitality company with a portfolio including more than 1,200 hotels and all-inclusive properties in 72 countries across six continents.
-- BERNAMA
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