Hyatt Hotels Corp. has entered into an agreement to acquire Apple Leisure Group for $2.7 billion in cash, the company announced. The companies anticipate the transaction to close in the fourth quarter of 2021, “subject to customary closing conditions.”
The move will further diversify Hyatt’s mix of properties, which traditionally has included many group-focused hotels in top 25 urban markets, the very properties and locations that have been hit the hardest since the pandemic started in March 2020. Through the deal, Hyatt will double its global resorts footprint, expanding into 11 new European markets, according to the company.
The Apple portfolio consists of more than 33,000 rooms across about 100 properties in 11 countries. Apple’s brands include Secret Resorts & Spas, Dreams Resorts & Spas, Breathless Resorts & Spas, Zoëtry Wellness & Spa Resorts and Alua Hotels & Resorts. Once the deal closes, Apple CEO Alejandro Reynal will become a member of Hyatt’s executive team and report to Hyatt CEO Mark Hoplamazian.
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