Interval Leisure Group buys Hyatt Residential Group.
M2 EQUITYBITES-October 2, 2014-Interval Leisure Group buys Hyatt Residential Group
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Interval Leisure Group (NASDAQ: IILG) said it has completed the acquisition of Hyatt Residential Group from affiliates of Hyatt Hotels Corporation (NYSE: H).
The purchase price of approximately USD220 million includes Hyatt's interest in a joint venture that owns and is developing Hyatt Ka'anapali Beach, a 131-unit shared ownership property in Maui. In connection with the acquisition, a subsidiary of ILG has entered into a global master license agreement with respect to the exclusive use of the Hyatt brand in shared ownership.
According to the agreement, Hyatt will receive annual license fees and the Hyatt Residence Club and 16 existing shared ownership resorts will retain the Hyatt Residence Club brand. The approximately 30,000 Hyatt Residence Club owners will continue to receive all privileges currently associated with their memberships, including Hyatt Gold Passport benefits.
Interval Leisure Group is a leading global provider of non-traditional lodging, encompassing a portfolio of travel, leisure, membership, exchange, resort management, and rental businesses. For more information, visit www.iilg.com.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company. As of June 30, 2014, the Company's worldwide portfolio consisted of 563 properties in 48 countries. For more information, visit www.hyatt.com.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 2, 2014|
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