Hyatt Hotels Corp. signed an agreement to purchase Apple Leisure Group from private investment companies KKR & Co. and KSL Capital Partners LLC for 2.7 billion. dollars, reported by the famous hotel chain.
The deal will allow Hyatt to expand its portfolio in the hospitality industry and give it control of one of the largest US suppliers of charter flights and tours to Mexico, the Dominican Republic, Jamaica and the Caribbean.
Apple Leisure operates the hotel chains Secrets, Dreams and Breathless Resorts & Spa and sells travel packages under the brands CheapCaribbean.com and Apple Vacations. The company also provides airport transfers, tours and excursions, as well as corporate event planning.
The luxury chain Hyatt opened its first hotel in Bulgaria after nearly a year of delay
The site has 183 rooms and 22 suites
KKR and KSL acquired the company from Bain Capital in 2017, the amount of the deal was not disclosed. Since then, Apple Leisure has entered into a number of mergers and acquisitions, including a merger with The Mark Travel Corp. and concluding an agreement for the acquisition of a majority stake in the Spanish Alua Hotels & Resorts in 2018.
Investment company KKR manages $ 429 billion in assets in private equity, loans, real estate, infrastructure and insurance. The company’s latest deals include an agreement to acquire cloud business platform developer Cloudera Inc. for $ 5.3 billion along with private equity firm Clayton Dubilier & Rice.
For its part, KSL focuses exclusively on investments in tourism and recreation, including hotels, holiday homes, clubs, real estate and travel services. Since its founding in 2005, the company has raised more than $ 15 billion.
During the preliminary trading on Monday, shares of Hyatt rose.