Hyatt to buy Apple Leisure Group from KKR, KSL Capital for $2.7 billion
08/16/2021|1:04:21 PM|Reuters

U.S. hotel operator Hyatt Hotels Corp said on Sunday it entered a  deal to buy resort company Apple Leisure Group from its private-equity owner KKR & Co and travel-and-leisure specialist KSL Capital Partners for $2.7 billion in cash.

In 2017, KKR and KSL bought the Pennsylvania-based resort operator from Bain Capital for an undisclosed price.

The acquisition of Apple Leisure Group's asset-light business will increase the percentage of revenues and earnings Hyatt will generate from fees, Hyatt said in a statement.

The hotel operator said it anticipates  fulfilling  its  current  commitment to sell  $1.5 billion  of hotel real estate in  2021 and is further committing to an  additional  $2 billion  in proceeds from the sale of hotel real estate by the end of 2024. 

Read original article