MIAMI—Interval Leisure Group, based here, and Chicago-based Hyatt Hotels Corp. have put the seal on ILG's acquisition of the hotelier's vacation ownership arm, Hyatt Residential Group. The purchase price is approximately $220 million, including ILG's reimbursement of Hyatt for its share in a joint venture that is developing a timeshare property on the Island of Maui.

First announced this past May, the deal includes 16 properties in Arizona, California, Colorado, Florida, Hawaii, Nevada, Puerto Rico and Texas, including the Maui development. Hyatt Residential's existing management team will continue operating the acquired businesses under ILG's ownership.

“This agreement is the result of a 20-year, multi-faceted relationship with Hyatt, one of the world's premier global hospitality companies and brands, and we are excited to augment this relationship with the purchase of Hyatt Residential Group,” Craig M. Nash, ILG's chairman, president and CEO, said this past May. “We intend to invest in and grow the Hyatt Residential Group business through enhanced marketing efforts, expanding some existing projects and executing on opportunities to broaden the group's footprint.”

As part of the sale, the 30,000 members of Hyatt Residence Club, a points-based membership exchange system, have members of become members of Interval's vacation exchange network, which includes nearly 2,900 resorts in more than 80 countries. Under the terms of the master license agreement with ILG, Hyatt will receive annual license fees and the Hyatt Residence Club and the resorts will retain the Hyatt Residence Club brand.

Steve Haggerty, global head of real estate and capital strategy at Hyatt, said in May that the sale allowed his company to accomplish two goals. One is the realization of “significant value” via the sale, licensing fees and ILG's focus on creating new opportunities.  “Second, because we will be maintaining our presence in the vacation ownership segment by working with one of the most respected companies in the space, Hyatt can focus on driving preference for its hotel brands and increasing its brand presence in key locations and strategically important markets.”

Along with the Hyatt Ka'anapali Beach resort now under development in Lahaina, HI; the transaction includes the Hyatt Pinon Pointe in Sedona, AZ; two California properties, the Highlands Inn in Carmel and the Northstar Lodge in Truckee; four Colorado properties including the Hyatt Mountain Lodge and Residences at Park Hyatt Beaver Creek in Avon, the Hyatt Grand Aspen in Aspen and the Hyatt Main Street Station in Breckenridge; five Florida properties including the Hyatt Coconut Plantation in Bonita Springs, a trio of Key West assets including the Hyatt Beach House, Hyatt Sunset Harbor and Hyatt Windward Pointe and the Hyatt Siesta Key Beach in Siesta Key; the Hyatt High Sierra Lodge in Incline Village, NV; the Hyatt Hacienda Del Mar in Dorado PR; and the Hyatt Wild Oak Ranch in San Antonio, TX.