Hyatt Hotels announced it plans to acquire luxury hotel and resorts operator Apple Leisure Group by the fourth quarter of 2021.
is expanding its luxury hotels and resorts by acquiring Apple Leisure Group from KKR and KSL Capital Partners.
The company is placing a bet on leisure travel, pushing its revenues from the segment over the 50% mark, from 45%, with business travel making up the rest of its revenues. "Leisure was the first segment to return and recover subsequent to most of the downturns in the last 20 years. We obviously have seen a robust recovery in this one," Mark Hoplamazian, President and CEO of Hyatt, said in an interview on CNBC's ""It's not a change in strategy, it's a recognition that leisure is durable and has been resilient.
"We are not underwriting this transaction on what happens in the next four weeks or four months, but rather on what happens farther in the future," Hoplamazian said. "We think this is going to be a growing segment."Apple Leisure Group will still be under the leadership of CEO Alejandro Reynal, who will become a member of Hyatt's executive leadership team and report to Hoplamazian.
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