Hyatt Hotels Corporation is buying lifestyle hotel company Two Roads Hospitality. Geolo Capital, the private equity arm of the John A. Pritzker family office that formed Two Roads following a series of hotel acquisitions that began with the Carmel Valley Ranch in 2009, announced the deal this morning.
Under the terms of the transaction, Hyatt will add all of Two Roads’ hotel brands – Alila Hotels & Resorts, Destination Hotels, Joie de Vivre Hotels, Thompson Hotels and tommie – to its portfolio. Hyatt will assume management of properties including Carmel Valley Ranch, Ventana Big Sur, The Chicago Athletic Association Hotel, Thompson Seattle and The Beekman, A Thompson Hotel in New York.
Other Geolo projects under development include the Thompson Hotel in Washington D.C., slated to open in 2020, and a $300+ million-dollar project in Austin, Texas, that will have both Thompson and tommie hotels, and multi-family residential. Additionally, Geolo said it has identified and is pursuing new multi-family residential and hospitality project opportunities overseas and in major U.S. markets such as the Bay Area.
While Geolo will no longer be a principal shareholder of Two Roads Hospitality, it will remain the largest owner of hotels managed by Hyatt. Comprised of Joie de Vivre Hotels, Thompson Hotels, Destination Hotels, tommie and Alila Hotels & Resorts, Two Roads Hospitality is a global operator of independent, boutique and lifestyle hotels, resorts and vacation residences. The company was created in 2016 when Commune Hotels and Resorts, a Geolo owned company, merged with Destination Hotels, a Lowe Hospitality Group, Inc. company, establishing Two Roads as the largest global collection of lifestyle hospitality brands. Prior to the merger, Geolo had acquired Joie de Vivre in 2010, and then formed Commune Hotels, which subsequently acquired Thompson Hotels in 2013 and Alila Hotels in 2014.
All told Two Roads manages over 85 properties across eight countries, representing $2 billion in total property revenues under management.