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Hyatt hotel company on Monday announced its intent to acquire boutique hotel company Two roads hospitality for a base price of $480 million.

Two Roads Hospitality’s boutique and lifestyle brands include Alila, Destination, Joie de Vivre, Thompson, and Tommie. The company was formed in September 2016 when Destinations hotels and Resorts merged with Commune plus Resorts. The addition of Two Roads to the Hyatt portfolio will add 85 properties to Hyatt’s existing portfolio of 750 hotels, and expand Hyatt’s footprint in 23 new markets, especially within Asia. The deal, which is expected to close by the end of this year, may also include the possibility for Hyatt to invest an additional $120 million, based on the outcome of certain terms that will be defined after deal closes.

Hyatt said the total purchase price of approximately $600 million (base price plus contingent price) is expected to reflect an earnings before interest, tax, depreciation and amortization multiple of approximately 12 to 13 times stabilized 2021 earnings.

After the deal closes, Hyatt expects to combine Two Roads’ and its own lifestyle brands into a dedicated lifestyle division.