by Mia Taylor
Last updated: 6:03 PM ET, Fri November 30, 2018
Hyatt has completed its acquisition of the lifestyle hotel management company Two Roads Hospitality.
In a statement released late Friday afternoon, Hyatt confirmed the finalization of the deal, which will add five lifestyle brands to its portfolio: Alila; Destination; Joie de Vivre; Thompson; and tommie.
The acquisition will grow Hyatt's brand presence in 23 new markets with management and license agreements for 74 open and operating hotels across North America and Asia, and a significant pipeline of signed management agreements.
Hyatt will also create a new dedicated lifestyle division as part of the acquisition to combine the operations of the Two Roads' and Hyatt's lifestyle brands.
"We will leverage the shared expertise of Hyatt and Two Roads across our powerful combined portfolio of 19 brands to bring best-in-class offerings for guests around the globe," Mark Hoplamazian, president and CEO, Hyatt Hotels Corporation, said in a statement. "For hotel owners, our platform will deliver opportunities for enhanced operational excellence and financial performance. We are pleased to have completed this exciting transaction, and we welcome Two Roads associates to Hyatt."
Two Roads' brands are expected to join the World of Hyatt loyalty program in the near future, expanding opportunities for World of Hyatt members to earn and redeem points across more leisure-focused stay options and also driving hotel occupancy from a loyal group of travelers who spend more, stay more and book directly.
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