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

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.