Miami-based Interval Leisure Group announced on Wednesday that it has completed its $220 million acquisition of Hyatt Residential Group from affiliates of Hyatt Hotels Corp.
The purchase price includes Hyatt’s interest in a joint venture that owns and is developing Hyatt Ka’anapali Beach, a 131-unit shared ownership property in Maui. In connection with the acquisition, an Interval Leisure Group subsidiary has entered into a global Master License Agreement.
Under the terms of the licensing agreement, Hyatt will receive annual license fees and the Hyatt Residence Club and 16 existing shared ownership resorts will retain the Hyatt Residence Club brand. The approximately 30,000 Hyatt Residence Club owners will continue to receive all privileges currently associated with their memberships, including Hyatt Gold Passport benefits.
Late last year, Interval Leisure Group made headlines when one of its subsidiaries Vacation Holdings Hawaii, the owner of Aston Hotels & Resorts, bought its rival Aqua Hospitality/Aqua Hotels & Resorts. That deal linked two fierce Hawaii competitors.