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Hyatt Hotels Corporation is acquiring Dream Hotel Group’s lifestyle hotel brands and management platform. This will add the latter’s Dream Hotels, Unscripted Hotels, and Chatwal Hotels to the Illinois-headquartered hospitality company’s portfolio.
The said brands and platforms also have properties in Asia, Europe and the Americas, and this acquisition will grow Hyatt Hotel’s portfolio with the inclusion of 12 more hotels and another 24 properties that are expected to be launched in the future.
Once the deal between Hyatt and Dream Hotel Group is completed, the company will expand through the addition of 1,700 rooms to its lifestyle hotel brands. It will also raise the number of rooms in Hyatt’s New York City locations by more than 30%.
The deal is worth up to $300 million, with Hyatt paying the base acquisition price of $125 million upon closing. It will also pay $175 million in the next six years as the properties gradually open for service.
Likewise, there are also management fees to pay that are associated with the base purchase price, which could be around $12 million per year, and it could increase up to $27 million per year as more properties are launched.
Hyatt and Dreams Hotel expect to close the deal in the coming months and is still subject to customary closing conditions. When completed, members of the World of Hyatt loyalty program will enjoy various perks and take advantage of what the new properties offer.
“We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and Chief Executive Officer Jay Stein and their team have created and are grateful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the future,” Hyatt’s president and chief executive officer, Mark Hoplamazian, said in a press release. “We look forward to continuing our growth journey with more than 600 new Hyatt family members who will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division.”
The CEO added, “We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of discerning hotel owners and developers around the world.”
