Hyatt Hotels Corporation has completed the acquisition of Two Roads Hospitality, a lifestyle hotel management company with a portfolio of brands as well as a global development pipeline.
The acquisition price was revised down from US $480 million to $405 million and the aggregate potential additional consideration from Hyatt was revised to $96 million from $120 million. For the deal, Goldman Sachs & Co. LLC served as exclusive financial advisor to Hyatt while Moelis & Company LLC served as exclusive financial advisor to Two Roads Hospitality.
The revised consideration reflects the exclusion of certain properties from the transaction, including properties not operated under the Two Roads brands and properties that will continue to be managed or licensed directly by an affiliate of sellers according to a statement from the company.
Through the acquisition, Hyatt’s portfolio has now expanded to include established hotel brands — Alila, Destination, Joie de Vivre, Thompson, and tommie – enhancing the company’s presence in 23 new markets with management and license agreements for 74 open and operating hotels across North America and Asia, the statement added.
Hyatt will also establish a new lifestyle division to combine the operations of Two Roads’ and Hyatt’s lifestyle brands.
Commenting on the acquisition, Hyatt president and CEO Mark Hoplamazian said: ““We will leverage the shared expertise of Hyatt and Two Roads across our powerful combined portfolio of 19 brands to bring best-in-class offerings for guests around the globe.”
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