Hyatt Exits, Then Re-Enters Online Short-Term Vacation Rentals

Hyatt Hotels announced that it is creating a new short-term vacation rental arena, calling the new platform, Homes & Hideaways by World of Hyatt, which will “feature private homes and remote hideaways” in the U.S. Customers will be able to earn and redeem points from Hyatt’s reward program.

At the same time, the company is selling its existing vacation rental management business, called Destination Residences Management, to real estate investor, developer, and manager Lowe. “The business consists of management agreements for individually-owned resort residences across 36 properties in Colorado and Hawaii, as well as many of the properties’ homeowners associations (HOAs),” Lowe’s said. “Lowe’s hospitality management subsidiary, CoralTree Hospitality Group, will assume management of the rental units, HOAs and resort properties included in the transaction. The management business, currently known as Destination Residential Management, will be rebranded by Lowe and CoralTree.”