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Tag Archives: KKR
Hyatt Plans to Buy Apple Leisure Group From KKR and KSL Capital for $2.7 Billion
Hyatt Hotels Corp. plans to buy resort company Apple Leisure Group from its private-equity owners for $2.7 billion.
The deal for the company, which is owned by KKR & Co. and travel-and-leisure specialist KSL Capital Partners LLC, was announced Sunday after The Wall Street Journal reported it was imminent.
The transaction is the latest sign of optimism about a return to vacation travel even as the U.S. economy continues to grapple with the coronavirus pandemic. Like many travel-related companies, Apple Leisure’s business got clobbered by virus-related lockdowns and travel bans last year, but it has rebounded as restrictions have loosened.
For Chicago-based Hyatt, one of the world’s biggest hospitality companies, the deal would bolster its already considerable resort-management portfolio and give it one of the biggest U.S. providers of charter flights and vacation packages for travel to Mexico, the Dominican Republic, Jamaica and the Caribbean.
It also would accelerate Hyatt’s transformation, long under way, to a more asset-light business model, focusing on generating an ongoing stream of steady and predictable fees.
TPG Is Evaluating a Public Listing
TPG, one of the last of the original private-equity giants to remain a closely held partnership, is evaluating a public listing, people familiar with the matter said.
The firm is considering a straightforward initial public offering and a merger with a special-purpose acquisition company, with the former being the most likely route, the people said. Such a deal could value the California-and-Texas firm at about $10 billion, some of the people said.
The process is still in its early stages and TPG may not opt to proceed with any deal.
TPG, with nearly $100 billion in assets under management, has flirted with an IPO multiple times, only to end up balking while rivals forged ahead. Blackstone Group Inc., Apollo Global Management Inc., KKR & Co. and Carlyle Group Inc. went public years ago, transforming businesses that have enjoyed rapid growth as the industry is flooded with assets.
“As we have consistently stated, we evaluate various strategic alternatives from time to time,” a TPG spokesman said in a statement. “No decisions have been made and we have nothing to announce at this time.”