Hyatt Hotels Corp. has entered into a definitive agreement to acquire Apple Leisure Group, a luxury resort-management services, travel and hospitality group, from KKR and KSL Capital Partners, LLC affiliates for $2.7 billion in cash.
ALG's hotel portfolio includes over 33,000 rooms operating in 10 countries. It has grown from nine resorts in 2007 to approximately 100 properties by the end of 2021. In addition, it has a pipeline of 24 executed deals with a large number of additional hotels in the development process
Mark Hoplamazian, president and chief executive officer of Hyatt, said that the addition of ALG's properties would immediately double Hyatt's global resorts footprint and help the company reach 80% fee-based earnings by the end of 2024.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
