Hyatt makes new hotel acquisition
Hyatt Hotel Corporation announced another hotel acquisition, agreeing to purchase Dream Hotel Group’s lifestyle hotel brand and management platform.
It includes Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands across the Americas, Europe and Asia.
This asset-light acquisition will include a portfolio of 12 lifestyle hotels, with another 24 management agreements.
When completed, the expansion adds 1,700 rooms to Hyatt’s lifestyle portfolio.
Hyatt pays $125 million, with an additional $175 million over the next six years as new properties open.
Properties are located in Nashville, Hollywood, South Beach, Durham, New York City and the Catskills.
Signed contracts include Las Vegas, Saint Lucia and Doha.
“We look forward to continuing our growth with more than 600 new Hyatt family members,” said Mark Hoplamazian, CEO, Hyatt.
Dream Hotel Group founder Sant Singh Chatwal will continue as owner of four open and two future hotels.
Dream CEO Jay Stein will join Hyatt as Head of Dream Hotels to oversee the integration.
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