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Hyatt to Acquire Luxury Resort Operator Apple Leisure
Chicago-based Hyatt Hotels Corporation has agreed to acquire Apple Leisure Group (ALG), a leading luxury resort-management services, travel and hospitality group, from affiliates of KKR and KSL Capital Partner for $2.7 billion in cash. The transaction is anticipated to close in the fourth quarter.
“With the asset-light acquisition of Apple Leisure Group, we are thrilled to bring a highly desirable independent resort management platform into the Hyatt family,” said Mark Hoplamazian, president and CEO, Hyatt. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint. ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets.”
ALG’s hotel portfolio consists of more than 33,000 keys in 10 countries. The acquisition also includes ALG’s membership offering Unlimited Vacation Club, travel distribution business ALG Vacations, and its destination management services and travel technology assets.
- ◦Sale/Acquisition