Hyatt Hotel Corp. has acquired Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open.
Texas will be home to two new Dream Hotels. One will open in Frisco as part of Firefly Park, a 230-acre mixed-use development, at the nexus of US Highway 380 and the Dallas North Tollway, that will also include offices, retail, homes, and restaurants. Dream Hotels has also been planning a hotel on a property on McKinney Avenue in Uptown Dallas for several years.
The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio.
