(WSJ) Hyatt Hotels Corp. is seeking to buy Apple Leisure Group from KKR and travel and leisure firm KSL Capital Partners LLC for $2.7 billion.
The deal to acquire Apple Leisure Group underlies growing confidence about a resumption of vacation travel.
The deal is expected to boost Hyatt’s resort management portfolio and cement its position as the biggest US provider of vacation packages and charter flights.
The deal is also expected to accelerate Hyatt transformation into a more asset-light business that can generate a more predictable and steady income.
Apple Leisure, which was battered by Covid-19 pandemic, has rebounded since the lifting of restrictions. KKR and KSL acquired the company in 2017 from Bain Capital at an undisclosed fee.
H: NYSE is down -0.19% on premarket, KKR: NYSE is up +0.13% on premarket.
