A brand affiliate of Hyatt Hotel Corporation will acquire Dream Hotel Group‘s lifestyle brand and management platform, which encompasses including the Dream Hotels, the Chatwal Hotels, and Unscripted Hotels brands. The asset-light acquisition will include a portfolio of 12 managed or franchised hotels, as well as another 24 longterm management agreements for forthcoming hotels. Dream Hotel chairman and founder Sant Singh Chatwal will maintain ownership of four open and two future Dream properties, while Dream CEO Jay Stein will join Hyatt as Head of Dream Hotels to guide the integration of assets into the hotel giant’s portfolio.
“We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and CEO Jay Stein and their team have created and are grateful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the future,” says Hyatt president and CEO Mark Hoplamazian. “We look forward to continuing our growth journey with more than 600 new Hyatt family members who will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division. We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of discerning hotel owners and developers around the world.”
Slated to close in the coming months, the deal will grow Hyatt’s portfolio by more than 1,700 guestrooms and boost its room count in New York by more than 30 percent. In addition to the base purchase of $125 million, the agreement will entail $175 million over the next six years as properties enter the pipeline and open.
“Hyatt has a proven track record of preserving what makes lifestyle hotels special and is the ideal new home for our growing Dream Hotel Group brands,” Chatwal adds. “As an owner of Dream Hotel Group properties, I look forward to the next part of our journey and am confident there is a bright future ahead for our hotels, owners, guests, and team members as part of the Hyatt family.”
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