Hyatt Hotels Corp. plans to buy resort company Apple Leisure Group from its private-equity owners for $2.7 billion.
The deal for the company, which is owned by KKR & Co. KKR, +0.13% and travel-and-leisure specialist KSL Capital Partners LLC, was announced Sunday after The Wall Street Journal reported it was imminent. Like many travel-related companies, Apple Leisure’s business got clobbered by virus-related lockdowns and travel bans last year, but it has rebounded as restrictions have loosened.
For Chicago-based Hyatt H, -0.50%, one of the world’s biggest hospitality companies, the deal would bolster its already considerable resort-management portfolio and give it one of the biggest U.S. providers of charter flights and vacation packages for travel to Mexico, the Dominican Republic, Jamaica and the Caribbean.
It also would accelerate Hyatt’s transformation, long under way, to a more asset-light business model, focusing on generating an ongoing stream of steady and predictable fees.Afghanistan government collapses as Taliban take Kabul.
Source: News Formal (newsformal.com)
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