U.S. hotel operator Hyatt Hotels Corp said on Sunday it entered a deal to buy resort company Apple Leisure Group from its private-equity owner KKR & Co and travel-and-leisure specialist KSL Capital Partners for $2.7 billion in cash.
In 2017, KKR and KSL bought the Pennsylvania-based resort operator from Bain Capital for an undisclosed price.
The acquisition of Apple Leisure Group's asset-light business will increase the percentage of revenues and earnings Hyatt will generate from fees, Hyatt said in a statement.
The hotel operator said it anticipates fulfilling its current commitment to sell $1.5 billion of hotel real estate in 2021 and is further committing to an additional $2 billion in proceeds from the sale of hotel real estate by the end of 2024.
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