Simpson Thacher advised Apple Leisure Group on the transaction, while Latham & Watkins advised Hyatt Hotels Corporation.
Apple Leisure Group (ALG) announced its proposed sale by affiliates of each of KKR and KSL Capital Partners, LLC to Hyatt Hotels Corporation for $2.7 billion. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
ALG is a leading luxury resort-management services, travel and hospitality group. ALG’s resort brand management platform AMResorts® provides management services to the largest portfolio of luxury all-inclusive resorts in the Americas under the AMR™ Collection brand portfolio, including brands Secrets® Resorts & Spa, Dreams® Resorts & Spas, Breathless® Resorts & Spas and Zoëtry® Wellness & Spa Resorts as well as the Alua® Hotels & Resorts brand, which is expanding in European leisure destinations. The acquisition also includes ALG’s membership offering, Unlimited Vacation Club®, travel distribution business ALG Vacations®, as well as destination management services and travel technology assets.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company. Hyatt’s purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to create value for shareholders, build relationships with guests and attract the best colleagues in the industry.
The Simpson Thacher team included Marni Lerner (Picture) and Louis Argentieri (M&A); Adam Shapiro and Christine Marshall (Credit); Ryan Bekkerus (Capital Markets); Marcy Geller, Sophie Staples and Joseph Tootle (Tax); Tristan Brown and Alyssa Ohanian (Executive Compensation and Employee Benefits); Genevieve Dorment (Intellectual Property); Krista McManus (Real Estate); Michael Isby (Environmental); and Peter Guryan and Richard Jamgochian (Antitrust).
Latham represents Hyatt in the transaction with a corporate deal team led by partners Michael Pucker and Jonathan Solomon, with associate Emily Stegich. Advice was also provided on capital markets matters by partners Cathy Birkeland and Roderick Branch; on finance matters by partner Cindy Caillavet; on tax matters by partner Diana Doyle; on real estate matters by partner Rachel Bates; and on antitrust matters by partner Amanda Reeves. All lawyers are based in the firm’s Chicago office, with the exception of Ms. Reeves in Washington, D.C.
Involved fees earner: Rachel Bates – Latham & Watkins; Cathy Birkeland – Latham & Watkins; Roderick Branch – Latham & Watkins; Cindy Caillavet Sinclair – Latham & Watkins; Diana Doyle – Latham & Watkins; Michael Pucker – Latham & Watkins; Amanda Reeves – Latham & Watkins; Jonathan Solomon – Latham & Watkins; Emily Stegich – Latham & Watkins; Ryan Bekkerus – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Marni Lerner – Simpson Thacher & Bartlett; Christine Marshall – Simpson Thacher & Bartlett; Adam Shapiro – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett; Louis Argentieri – Sullivan & Cromwell;