Hyatt Hotels Corporation has announced an agreement this week to purchase Two Roads Hospitality, an international lifestyle hotel management company that manages more than 85 hotels.
“Hyatt and Two Roads share a commitment to genuine care and delivering distinctive experiences to discerning travelers,” said Mark Hoplamazian, president and chief executive officer for Hyatt Hotels Corporation. We are pleased to be coming together and are dedicated to learning from each other and taking the best of both organizations forward.”
Under the terms of the $480 million sale, all of the Two Roads brands including Alila Hotels & Resorts, Destination Hotels, Joie de Vivre Hotels, Thompson Hotels and tommie, will join Hyatt’s global portfolio. Hyatt will also assume management of Two Roads’ recognized properties: Carmel Valley Ranch, Ventana Big Sur, The Chicago Athletic Association Hotel, Thompson Seattle and The Beekman, A Thompson Hotel in New York.
With the addition of Two Roads Hospitality and its management agreements, Hyatt will expand its brand presence into 23 new markets while increasing its offerings in lifestyle hotel experiences. Hyatt plans to create a dedicated lifestyle division after the deal’s completion later this year, combining brands such as Andaz and Hyatt Centric with Two Roads’ flagship hotels. Plans are also in the works to invest as much as $120 million in Two Roads after the closing, according to a statement announcing the acquisition.
“Two Roads’ passionate team members, strong brands, global footprint and robust development pipeline will expand our lifestyle offerings and grow Hyatt’s brand presence in more places where our guests and World of Hyatt members want to travel,” added Hoplamazian. “Importantly, combining Two Roads’ meaningful brand presence and development plans in Asia with Hyatt’s already strong position in this region will allow us to accelerate expansion in this critically important and fast-growing part of the world.”
Jamie Sabatier, chief executive officer for Two Roads Hospitality also spoke to the acquisition. “Hyatt is an ideal home for us as we share many values and a deep commitment to thoughtful growth and creating compelling experiences for our guests. Hyatt’s unique position in the marketplace brings with it the powerful benefit of global scale while maintaining meaningful personal relationships with team members, guests and owners.”
