HYATT TO FURTHER STRENGTHEN POSITION IN LUXURY WITH PLANS TO ACQUIRE MR & MRS SMITH
Planned acquisition of global travel club platform presents opportunity for World of Hyatt loyalty program to expand and welcome even more members |
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HYATT TO FURTHER STRENGTHEN POSITION IN LUXURY WITH PLANS TO ACQUIRE MR & MRS SMITH
Planned acquisition of global travel club platform presents opportunity for World of Hyatt loyalty program to expand and welcome even more members |
Category: Worldwide - Exclusive experiences
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This is a press release selected by our editorial committee and published online for free on 2023-05-02
Hyatt Hotels Corporation (NYSE: H) and Mr & Mrs Smith today announced an agreement for a Hyatt affiliate to acquire London-based Mr & Mrs Smith, a platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique and luxury properties in some of the world’s most desirable locations.
Hyatt will acquire 100 percent of the asset-light Mr & Mrs Smith platform for an enterprise value of £53.0 million in cash consideration.
“We are excited by this planned acquisition and to explore bringing guests and World of Hyatt members even more global luxury offerings across hundreds of geographies – including over 20 countries where there are currently no Hyatt hotels such as Fiji, Croatia, Iceland and Anguilla,” said Mark Vondrasek, chief commercial officer, Hyatt.
“Founders Tamara and James Lohan alongside their impressive team have built the ultimate global direct booking collection of truly unique stay experiences including rooms located in treehouses, within caves, and underwater suites. Importantly, we see a lot of synergy between our collective ethos of care, and we look forward to working together to bring our shared focus to new, memorable stay experiences for guests and World of Hyatt members – and introduce new guests to Hyatt hotels around the world.”
The planned acquisition of Mr & Mrs Smith is expected to build on Hyatt’s leadership position in luxury and further strengthen Hyatt’s distribution capabilities, especially across Europe – through forging relationships with additional hotel owners and more than 1 million loyal Mr & Mrs Smith members.
This acquisition builds on a transformative growth period for Hyatt in the last 12 months, which included the recently completed acquisition of Dream Hotel Group’s lifestyle brand and management portfolio and the conversion of a portfolio of over 30 franchise agreements with Lindner Hotels & Resorts and me and all hotels, as well as substantial organic growth of Hyatt’s global portfolio.
As a result of Hyatt’s expanded brand portfolio and ever-growing offering for every stay occasion, membership in the World of Hyatt loyalty program has more than tripled during the past five years.
The transaction is anticipated to close in the second quarter of this year, subject to customary closing conditions. At a later date following the closing, Hyatt plans to unveil direct booking access to properties within the Mr & Mrs Smith platform through Hyatt’s distribution channels, including Hyatt.com and the World of Hyatt app.
The anticipated move will have the potential to unlock access to more than twice the number of global boutique and luxury properties within Hyatt direct booking channels, and Hyatt is exploring ways to enable World of Hyatt members to earn and redeem points across eligible hotels in the Mr & Mrs Smith collection.
World of Hyatt members are some of the most valuable travelers in the industry who spend more and stay more, generating high-quality revenue for hotel owners.
“I am really excited that we have found such a dynamic and globally trusted brand as Hyatt to take Mr & Mrs Smith into our next chapter. We have long admired and respected Hyatt and are confident that there is no one better placed to build on what we have achieved and take our company to new heights,” shared Tamara Lohan, co-founder and chief executive officer, Mr & Mrs Smith.
“Our vision has always been for Mr & Mrs Smith to be the world’s definitive travel club for hotel lovers. Thanks to Hyatt, that vision has become much closer to reality. With Hyatt’s support, Mr & Mrs Smith will be able to offer our community of members, hoteliers and partners so much more.”
Following the planned acquisition close, over 100 Mr & Mrs Smith colleagues are expected to join Hyatt’s Commercial Services team, including Tamara Lohan who will serve as Mr & Mrs Smith CEO, reporting to Mark Vondrasek, Hyatt’s chief commercial officer, and James Lohan who will serve as Mr & Mrs Smith chief creative officer.
In connection with the transaction, Credit Suisse served as financial advisor to Hyatt and Linklaters LLP acted as its legal advisor. Arrowpoint Advisory (part of Rothschild & Co) served as financial advisor to Mr & Mrs Smith and Fieldfisher LLP acted as its legal advisor.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2022, the Company’s portfolio included more than 1,250 hotels and all-inclusive properties in 75 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Residence Club, Hyatt Place, Hyatt House, and UrCove; the Boundless Collection, including Miraval, Alila, Andaz, Thompson Hotels, Hyatt Centric, and Caption by Hyatt; the Independent Collection, including The Unbound Collection by Hyatt, Destination by Hyatt, and JdV by Hyatt; and the Inclusive Collection, including Hyatt Ziva, Hyatt Zilara, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt loyalty program, ALG Vacations, Unlimited Vacation Club, Amstar DMC destination management services, and Trisept Solutions technology services.
About Mr & Mrs Smith
Founded in 2003, Mr & Mrs Smith is the travel club for hotel lovers: an award-winning boutique and luxury hotel booking service specialising in the world’s most seductive stays. There are now more than 1,800 hotels and villas in the collection, all hand-picked and anonymously reviewed. Smith members are guaranteed best prices wherever and whenever they book, free extras on arrival, and round-the-clock service from in-house travel specialists, Smith24. Dedicated to meeting the highest standards of environmental and social responsibility, Mr & Mrs Smith was officially recognised as a B Corp in 2022.
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