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Hyatt Buys Two Roads Hospitality in Deal Valued Up to $600 Million

Chicago-Based Hyatt to Enter 23 New Markets with Acquisition
October 11, 2018
Joie de Vivre, which operates the 50 Bowery Hotel in New York, is one of the brands owned by Two Roads Hospitality that has been acquired by Hyatt Hotels Corp.

Chicago-based Hyatt Hotels Corp. plans to acquire hotel chain management firm Two Roads Hospitality, which holds the Joie de Vivre brand, in a deal that could be worth up to $600 million and allow the company to further expand into competitive markets.

Two Roads is an international hospitality company, founded in 2016, that has offices in Denver, San Francisco and New York. Its holdings include Joie de Vivre, Thompson Hotels, Destination Hotels and Alila Hotels & Resorts. In total, Two Roads manages 85 properties in eight countries.

With the acquisition, Hyatt will enter 23 new markets and grow its presence in existing ones, according to a statement.

"Importantly, combining Two Roads’ meaningful brand presence and development plans in Asia with Hyatt’s already strong position in this region will allow us to accelerate expansion in this critically important and fast-growing part of the world," said Mark Hoplamazian, president and chief executive of Hyatt Hotels Corp.

Hyatt has agreed to pay a base price of $480 million to acquire Two Roads, with the potential to invest an additional $120 million, contingent on certain terms that will be determined after the deal closes, according to the statement.

The deal is expected to close this year.

After the transaction closes, Hyatt plans to create a dedicated lifestyle division that will merge Hyatt’s existing lifestyle brands with Two Roads’ operations.

"Hyatt’s unique position in the marketplace brings with it the powerful benefit of global scale while maintaining meaningful personal relationships with team members, guests and owners," said Jamie Sabatier, chief executive of Two Roads in a statement.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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