Hyatt Hotels to Acquire Dream Hotel Group
Skift Take
- Hyatt Hotels Corporation and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform.
- Hyatt Hotels Corporation announced the opening of Rancho Pescadero, the first Hyatt branded luxury resort to debut in Todos Santos in Mexico.
- The Westin Hilton Head Island Resort & Spa, located in South Carolina, has embarked on a $10 million renovation.
The DJIA rose 3 points while Nasdaq was down 66, the S&P 500 fell 6 points and the 10 year treasury yield was up .05 to 3.75%. Lodging stocks were modestly higher. SLNA traded down to a new low but VCSA was up 8% and MCG rose 7%.
Hyatt Hotels Corporation and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe and Asia. This asset-light acquisition will include a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. Upon closing, this expansion will add over 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than
