Hyatt Announces Plan to Acquire Mr & Mrs Smith
Hyatt Hotels made an unexpected announcement today that it is planning to acquire Mr & Mrs Smith. The London-based Mr & Mrs Smith is a travel club platform that provides direct booking access to a carefully curated collection of 1,500+ boutique and luxury properties around the world.
Hyatt will acquire 100 percent of the asset-light Mr & Mrs Smith platform for an enterprise value of £53.0 million ($66 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 Hyatt’s chief commercial officer Mark Vondrasek in the announcement.
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. 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.
As of now, 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.
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This is potentially huge. Their properties are amazing. Also, you should mention how this will affect IHG. Mr. and Mrs. Smith properties can be booked through the IHG app today.