Hyatt to Buy KKR-Backed Apple Leisure Group for $2.7 Billion (1)

Hyatt Hotels Corp. agreed to buy KKR & Co.-backed resort company Apple Leisure Group for $2.7 billion in cash, betting that demand for leisure travel will continue to bounce back despite the pandemic.

Hyatt, led by Chief Executive Officer Mark Hoplamazian, is acquiring Apple Leisure’s portfolio of brands, which includes 33,000 hotel rooms concentrated in all-inclusive resorts in Mexico, the Caribbean, and Europe, according to a statement on Sunday.

Apple Leisure also operates platforms for marketing vacation packages to consumers and travel agents, and is a major seller of charter flights from the U.S. to Mexico and the Caribbean ...