Hyatt Hotels Corp. on Monday announced its intent to acquire boutique hotel company Two Roads Hospitality for a base price of $480 million, reported the San Francisco Chronicle.
Two Roads Hospitality’s boutique and lifestyle brands include Alila, Destination, Joie de Vivre, Thompson, and Tommie. The company was formed in September 2016 when Destination Hotels and Resorts merged with Commune Hotels + Resorts.
All told Two Roads manages over 85 properties across eight countries, representing $2 billion in total property revenues under management. The addition of Two Roads to Hyatt’s existing portfolio of 750 hotels, expand’s Hyatt’s footprint in 23 new markets, especially within Asia.