American hotel group acquires Hyatt Apple Leisure Group

American hotel group acquires Hyatt Apple Leisure Group

(Washington) US hotel group Hyatt on Sunday announced the acquisition of its home country Apple Leisure Group, the owner of hotels and tourism companies, for $ 2.7 billion by investment firms KKR and KSL.

Hyatt Hotel Corporation announced today that it has signed a firm agreement to acquire Apple Leisure Group (ALG). […] $ 2.7 billion in cash to KKR and KSL Capital Partners’ subsidiaries, ”Hyatt said in a statement to AFP.

The transaction is expected to close in the fourth quarter of 2021, subject to the approval of competing authorities.

Hyatt said current ALG boss Alejandro Reynolds will head the company.

“The addition of ALG assets will immediately double the global footprint of Hyatt Resorts” and these new features “expand our range to existing and new markets, including Europe”, Hyatt CEO Mark Hoblemagian quoted in a statement.

Apple Leisure Group has about 100 companies in ten countries in the US and Europe, with a portfolio of 4 and 5 star companies, as well as shelters covering everything from the US to Mexico and the Caribbean.

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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