Hyatt Hotels Corp. has completed its purchase of the brand and management platform of New York-based Dream Hotel group.
When Hyatt announced the deal in November, it was said to be worth up to $300 million. The hospitality company stated then that it would pay a base price of $125 million for Dream's brand and management business, which includes a 12-hotel portfolio under the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, Hotel News Now's Sean McCracken reports.
Also included in the deal are 24 more hotels being signed to long-term management agreements in Dream's pipeline, for which Hyatt expected to pay $175 million, according to the November announcement.
Through this acquisition, more than 600 new employees have been added to the Hyatt team. The deal also enabled Hyatt to extend its portfolio into Nashville, Tennessee; Las Vegas; Hollywood in Los Angeles; South Beach, Miami; Saint Lucia in the Caribbean; Doha, Qatar; Valle de Guadalupe in Mexico; and new locations in New York, according to a release announcing the deal.
Mark Hoplamazian, president and CEO of Hyatt, said in the news release that his company's purchase of Dream Hotel Group "represents an exciting chapter in our asset-light growth as we expand our lifestyle offerings, providing global travelers with an increased number of elevated experiences — now, and in the future."
Dream Hotels will be a brand under Hyatt's Boundless Collection. The Chatwal and Unscripted Hotels brands will enter Hyatt's Independent Collection, joining The Unbound Collection and JdV brands, respectively.