CHICAGO, IL – A Hyatt Hotels Corp. affiliate has agreed to acquire Dream Hotel Group's lifestyle hotel brand and management platform for a base purchase price of $125 million, with up to an additional $175 million during the next six years as properties enter the pipeline and open.
The acquisition includes 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. The purchase includes the Dream Hotels, the Chatwal Hotels and Unscripted Hotels brands, with properties across the Americas, Europe and Asia.
Once the acquisition is complete, the transaction will add more than 1,700 hotel rooms to Hyatts lifestyle portfolio. The addition will increase Hyatt's room count in New York City by more than 30%, and it will expand Hyatt's brand footprint in additional key markets such as Nashville, Hollywood, South Beach, Durham and the Catskills.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
