Hyatt to buy lifestyle-hotel firm Two Roads for US$480m

[NEW YORK] Hyatt Hotels Corp agreed to acquire the independent hotel operator Two Roads Hospitality for US$480 million as the company increases its investment in lifestyle brands.

Hyatt plans to create a dedicated lifestyle division after the deal closes later this year, combining the operations of Two Roads and Hyatt's existing lifestyle brands, according to a statement. Hyatt plans to invest as much as US$120 million, contingent on the outcome of certain terms to be defined after closing the deal, the statement said.

Two Roads operates more than 85 properties in eight countries in a brand portfolio that includes Joie de Vivre, Thompson Hotels, Destination Hotels, tommie and Alila Hotels & Resorts.

BLOOMBERG