Hyatt acquires Apple Leisure Group
Hyatt Hotels Corporation announced that it has entered into a final agreement to acquire Apple Leisure Group (ALG), a leading luxury resort management, travel and hospitality group, for 2.7 billion USD in cash. The deal is expected to close in the fourth quarter of 2021, the company told MTI.
The acquisition will accelerate the transformation into a less asset-intensive company, and the first step is in line with Hyatt’s commitment to sell 2 billion USD worth of hotels by the end of 2024.
Hyatt President and CEO Mark Hoplamazian said in a statement: The acquisition of ALG properties will double Hyatt’s global resort footprint. (MTI)
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