Hyatt Hotel Corporation and Dream Hotel Group have agreed to an acquisition, with Hyatt purchasing Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands for $300 million.
The acquisition includes 12 managed or franchised lifestyle hotels, with another 24 for long-term management agreements for hotels opening in the future. The acquisition will add over 1,700 rooms to Hyatt, and it will increase its room count in New York City over 30 percent.
Dream Hotel Group properties are located in destinations like Nashville, Hollywood, South Beach, Durham, the Catskills and more, with signed contracts for future developments in Saint Lucia, Doha and Las Vegas.
When the acquisition is completed, Hyatt will pay $125 million, with up to an additional $175 million paid out over the next six years as new properties open.
“We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and Chief Executive Officer Jay Stein and their team have created and are grateful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the future,” said Mark Hoplamazian, president and chief executive officer, Hyatt. 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.”
“We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of discerning hotel owners and developers around the world,” Hoplamazian continued.
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Source: TravelPulse
