Hyatt Hotels Corp. is acquiring Two Roads Hospitality, the hotel management company that was named in September as the operator of the upcoming hotel atop Bell Works.
Hyatt told ROI-NJ it could not comment on the Holmdel property (or any other) until the transaction has closed, expected later in the year.
Two Roads did not respond to a request for comment, but a published report quoted a company spokesperson as saying: “There are no changes planned for the brand, programming or guest experience at this time. We’re very much looking forward to the launch of this groundbreaking hotel project.”
In its news release announcing the deal, Hyatt said it will create a dedicated lifestyle division after the close, uniting Two Roads’ and its own lifestyle brands, which would include the Bell Works property. Two Roads manages 85 properties in eight countries, and will give Hyatt 23 new markets, the release said.
The Chicago-based hotel giant is paying $480 million for the Denver-based Two Roads, with another $120 million in contingencies possible.
Goldman Sachs & Co. LLC was Hyatt’s exclusive financial adviser, while Latham & Watkins LLP was its legal counsel. Moelis & Co. LLC was Two Roads’ exclusive financial adviser, while Skadden, Arps, Slate, Meagher & Glom LLP was its legal counsel.
