POSTED: 6:26 a.m. HST, May 8, 2014
LAST UPDATED: 6:38 a.m. HST, May 8, 2014
Hyatt Residential Group, specializing in fractional ownership, or time-share operations, has been sold to Miami-based Interval Leisure Group for $190 million.
The residential operation markets and manages 16 vacation ownership properties in Hawaii, Arizona, California, Colorado, Florida, Nevada, Texas and Puerto Rico.
ILG will acquire Hyatt's interest in a joint venture that owns and is developing a 131-unit Hyatt Ka'anapali Beach timeshare resort on Maui, for which ILG will pay Chicago-based Hyatt an additional $35 million.
As a result of the transactions, ILG will serve as Hyatt's exclusive licensee in vacation ownership.
Following the transaction's closure, Hyatt's management team will continue to operate the businesses under ILG leadership.