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Days after Hyatt executives said they planned to resume growth through acquisitions, the hotel chain plans to buy Apple Leisure Group for $2.7 billion. The deal would expand their presence in the Caribbean at a time when visitors are flocking to the islands.
U.S. hotel operator Hyatt Hotels Corp plans to buy resort company Apple Leisure Group from its private-equity owner KKR & Co and travel-and-leisure specialist KSL Capital Partners LLC for $2.7 billion including any debt, the Wall Street Journal reported on Sunday.
The deal is expected to be announced on Monday, the report said, citing people familiar with the matter.
Hyatt Hotels and Apple Leisure, KKR and KSL did not immediately respond to Reuters’ requests for comment.
In 2017, KKR and KSL bought the Pennsylvania-based resort operator from Bain Capital for an undisclosed price.
(Reporting by Akriti Sharma in Bengaluru Editing by Chizu Nomiyama)
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Tags: apple leisure group, caribbean, hyatt
Photo credit: Hyatt plans to buy Apple Leisure Group for $2.7 billion. Gobierno Danilo Medina / Flickr