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Hyatt Hotels Corp. is reportedly planning to acquire Apple Leisure Group for around USD 2.7 billion. The American multinational hospitality giant will purchase the resort company from its private equity owners KKR & Company and KSL Capital Partners LLC.
The deal is the sign of hope for a return to vacation travel while the U.S. economy continues to struggle with the coronavirus pandemic. Similar to many travel-related companies, the business of Apple Leisure was affected by the pandemic-induced lockdowns and travel bans last year but managed has bounced back as restrictions have relaxed.
The transaction would boost Chicago-based Hyatt’s already significant resort-management portfolio and allow it to become one of the largest providers of charter flights and vacation packages for Mexico, Jamaica, the Dominican Republic, and the Caribbean.
It would also speed up the transformation of Hyatt to an asset-light business model emphasizing creating an ongoing stream of steady and predictable fees.
Apple Leisure manages the Dreams, Secrets, and Breathless Resorts & Spa chains and promotes vacation packages under Apple Vacations brands and CheapCaribbean.com, including others.
It also provides airport transfer, tours & excursions, and corporate-event planning at many destinations including Mexico and the Caribbean.
KKR and KSL purchased the company from Bain Capital in 2017 for an unknown price. Ever since, Apple Leisure has made many acquisitions, agreeing to merge with the owner of Funjet Vacations, The Mark Travel Corp. It also agreed to sign a deal to gain a large stake in Spain’s Alua Hotels & Resorts in 2018.
KKR manages USD 429 billion across private equity, real estate, credit, infrastructure, and insurance. The company’s recent transactions comprise a June agreement to acquire Cloudera Inc. private is around USD 5.3 billion deal along with private-equity firm Clayton Dubilier & Rice.
KSL emphasizes particularly investing in travel & leisure, including recreation, real estate, hospitality, clubs, and travel services, with offices in Stamford, Denver, Conn., Singapore, and London. The company has gathered around USD 15 billion in capital for debt and equity funds since its establishment in 2005.
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