Hyatt acquires Delco-based Apple Leisure Group in $2.7 billion deal
Apple Leisure Group, a Newtown Square-based luxury vacation and resort management firm, has been acquired by Hyatt Hotels Corporation in a $2.7 billion cash deal, doubling Hyatt's global resorts footprint.
The acquisition gives Hyatt more than 33,000 new hotel rooms in 10 countries and accelerates the brand's shift to more luxury properties and travel packages. Hyatt has been selling off some of its real estate assets in order to increase the percentage of revenue it derives from fees.
Apple Leisure Group extends back to the 1960s and has specialized in selling package holidays, but also manages luxury resorts in locations around the world, including in the Caribbean, Mexico and Europe.
Apple Leisure Group has expanded rapidly over the last 15 years, growing from nine resorts in 2007 to approximately 100 properties. It also has a pipeline of 24 executed deals with a large number of additional hotels in the development process.
"Combining Hyatt's deep expertise and global brand footprint with ALG's strong resort brands, operating capabilities and robust development plans will elevate our differentiated position and create a leader in luxury leisure travel," Apple Leisure Group CEO Alejandro Reynal said. "On behalf of everyone at ALG, I am grateful to our partners at KKR and KSL who supported us in building the platform into what it is today. I am excited to have our team join the Hyatt family and I anticipate a robust growth journey ahead as the industry expands and we are able to provide a best-in-class leisure offering to an even larger group of travelers around the world."
Aug. 16, 2021