凯悦收购Apple Leisure Group，扩大奢华休闲旅游市场全球品牌布局

此次收购将加速凯悦的轻资产转型，集团承诺到2024年再出售20亿美元的酒店资产，随着包括Secrets、Dreams和Zotry在内的AMR Collection品牌的全球扩张，凯悦全球的度假村布局将扩大一倍，净客房数增长也会在未来几年继续保持

上海2021年8月25日 /美通社/ -- 凯悦酒店集团宣布与KKR和KSL Capital Partners, LLC的附属公司达成最终协议，以27亿美元现金收购行业领先的休闲旅游和度假村品牌管理公司、十大奢华酒店运营集团之一的Apple Leisure Group（以下简称：ALG）。根据惯例成交条件，交易预计将在2021年第四季度完成。

ALG旗下度假村品牌管理公司AMResorts为AMR Collection品牌组合下美洲最大全包式奢华度假村提供管理服务，其中包括知名品牌Secrets Resorts & Spa、Dreams Resorts & Spas、Breathless Resorts & Spas、Zoëtry Wellness & Resorts，以及在欧洲休闲旅游目的地快速发展的品牌Alua Hotels & Resorts。此次收购还包括ALG旗下会员项目Unlimited Vacation Club、旅游分销公司ALG Vacations以及目的地管理服务和旅行技术平台。交易完成后，ALG的业务将继续由现任ALG首席执行官Alejandro Reynal和ALG领导团队执掌。Reynal先生将成为凯悦高层领导团队成员，并直接汇报给凯悦首席执行官马赫澜（Mark Hoplamazian）。

凯悦酒店集团收购Apple Leisure Group，扩大在奢华休闲旅游市场全球品牌布局

凯悦酒店集团总裁兼首席执行官马赫澜表示：“我们十分高兴能够通过对ALG的轻资产收购，将这个备受亲睐的独立度假村管理公司纳入凯悦大家庭。ALG拥有丰富的奢华品牌组合，在全包式度假细分市场中居于领导地位，此外还有大批度假村正在筹备中。随着ALG的加入，凯悦在全球度假村的布局将增加一倍，扩大我们在现有市场以及包括欧洲新目的地在内的新市场的影响力，并进一步加速我们行业领先的净客房增长。最重要的是，这一增值颇丰的收购及凯悦于未来追加出售20亿美元资产的承诺将改变我们的盈利结构，到2024年我们预计将有80%的盈利来自管理费用。”

凯悦酒店集团收购Apple Leisure Group，扩大在奢华休闲旅游市场全球品牌布局

ALG旗下酒店遍布10个国家和地区，拥有超过33,000间客房，其旗下的酒店和度假村的数量由2007年的9家发展到2021年底的近100多家，增长迅速。除此之外，ALG还有24家酒店和度假村正在筹备中，并有更多项目正在开发中。ALG的Unlimited Vacation Club是一个高端旅游俱乐部，其会员在AMR Collection旗下酒店可享受优惠房价及其他丰富礼遇。Unlimited Vacation Club会员数量在过去五年间以18%的复合年增长率迅猛增长，截至目前会员人数超过11万。

凯悦酒店集团收购Apple Leisure Group，扩大在奢华休闲旅游市场全球品牌布局

“凯悦有着深厚的酒店行业经验和遍布全球的品牌布局，而ALG则拥有丰富的度假村品牌、强大的运营能力以及稳健的发展计划，双方携手共进，将得以提升我们的差异化竞争优势，共同打造在奢华休闲旅游市场的领导地位。”Apple Leisure Group首席执行官Alejandro Reynal表示，“我谨代表ALG的全体员工对KKR和KSL的合作伙伴表示感谢，正因为有了他们的支持，才有今日的ALG。放眼未来，我非常期待加入凯悦这个大家庭，我相信，随着行业的发展，我们必将迎来强劲而稳健的增长，并为全世界更广大的旅客群体提供顶尖的休闲旅游产品和服务。”

“ALG拥有出色的员工团队，他们书写的公司历史承载着成长故事、闪耀着坚忍精神、浸透着对世界顶尖休闲旅游体验的不渝追求，而加入凯悦又将为它的历史增添一个辉煌的里程碑。”KKR合伙人Chris Harrington和KSL Capital Partners合伙人Rich Weissman共同表示，“为了在增长的轨道上继续稳步前行，加入凯悦对ALG而言无疑是最佳选择。”

战略考量

• 在奢华度假村旅游市场上扩大布局：此次收购将扩大凯悦在奢华休闲旅游领域的业务版图，并立刻在欧洲市场和美洲市场为凯悦增加约100家酒店以及24个已签约开发项目。交易完成后，凯悦将拥有目前世界上最大的全包式奢华度假村品牌组合，同时将其全球度假村布局扩大一倍，并成为目前墨西哥和加勒比地区最大的豪华酒店运营集团。此外，凯悦在欧洲的酒店数量将增加60%。欧洲是全球休闲旅游市场的重要增长点，此次收购将使凯悦的品牌足迹扩展到欧洲的11个新市场，从而大大加强凯悦在该地区的增长潜力。
• 拓展增长平台：依托ALG强大的开发商和业主基础，凯悦将得以在更多新市场扩大布局，加深与当地合作伙伴的联系。与此同时，凯悦的全球开发商网络及其运营专长也能加速ALG品牌的稳健增长。凯悦将发挥双方团队的优势与强项，在ALG现有项目规划的基础上将足迹进一步拓展至尚未涉足的全新市场。
• 为业主带来更多优势：ALG自有分销平台及其在休闲旅游方面的丰富经验有望为凯悦现有度假村提供重要的机会。而AMR Collection酒店业主也将有更多的契机接触到更丰富的酒店品牌，并得到凯悦全球分销、销售和营销网络的支持。
• 为宾客提供更丰富的酒店选择和体验：ALG与凯悦的资源整合将为两家公司的高端宾客和客户带来更丰富的产品和体验。ALG的独家会员项目Unlimited Vacation Club的11万余名会员将有机会深入接触、了解凯悦，无论是度假还是出于其他出行目的，凯悦都将为他们提供丰富的入住选择。交易完成后，凯悦将对凯悦天地忠诚顾客计划和Unlimited Vacation Club进行整合，为双方会员带来更多附加价值和独一无二的会员礼遇，为业主们带来更多优势。
• 通过以下平台强化端到端休闲旅游产品：
• 服务于墨西哥和加勒比地区的ALG Vacations，是北美最大的团体旅游供应商和休闲旅游分销平台之一；
• 墨西哥和加勒比地区行业领先的目的地服务管理公司Amstar，以及专注于夏威夷市场的目的地服务管理公司Worldstar；
• 独特的休闲旅游技术平台Trisept Solutions；
• 加速轻资产战略：收购ALG轻资产业务将显著提高凯悦的管理费创收和盈利比例。此外，凯悦还计划在2021年履行其“出售15亿美元酒店地产”的现阶段承诺，届时，凯悦自2017年公布资产出售战略以来实现的收益总额将超过30亿美元，将会超过合并税息折旧及摊销前利润（EBITDA）的17倍，高于最初估计的13倍至15倍。凯悦还进一步承诺，到2024年底将再出售20亿美元的酒店房地产。

融资

交易完成时，凯悦预计将以10亿美元持有现金和新债务融资的方式支付80%以上的收购资金，其余资金将有5亿美元来自股权融资。凯悦已从摩根大通获得了17亿美元的融资承诺。20亿美元资产出售计划的所得现金收益预计将用于偿还因收购而产生的债务。凯悦将全力保持投资级信用评级，并在交易后继续谨慎管理资产平衡情况。

顾问

在此次交易中，BDT & Company, LLC和摩根大通担任凯悦酒店集团的财务顾问，Latham & Watkins LLP担任法律顾问。PJT Partners担任ALG的财务顾问，Simpson Thacher & Bartlett LLP担任其法律顾问。德意志银行证券公司担任KKR和KSL Capital Partners的财务顾问。

“凯悦”一词在文中泛指凯悦酒店集团及一间或多间附属公司。

关于凯悦酒店集团

凯悦酒店集团总部位于美国芝加哥，是全球著名的酒店集团。截至2021年3月31日，凯悦在全球六大洲超过68个国家和地区共经营管理20个品牌，拥有1,000 余间酒店、全包酒店及度假村和康体度假村。凯悦的信念是“关爱每一个人，让他们尽善尽美显真我”。这一信念是凯悦所有商业决策和发展战略的基础，同时也是吸引行业内的优秀人才、与宾客建立长久的关系、竭尽所能为投资人创造价值的基础。凯悦酒店集团的子公司运营管理、特许经营、拥有、租赁、开发、授权以及提供服务于包括柏悦酒店（Park Hyatt）、Miraval、君悦酒店（Grand Hyatt）、阿丽拉（Alila）、安达仕酒店（Andaz）、凯悦臻选（The Unbound Collection by Hyatt）、凯悦悠选（Destination by Hyatt）、凯悦酒店（Hyatt Regency）、Hyatt、凯悦乐家（Hyatt Ziva）、凯悦奇乐（Hyatt Zilara）、Thompson Hotels、凯悦尚萃酒店（Hyatt Centric）、凯悦嘉荟酒店（Caption by Hyatt）、凯悦尚选（JdV by Hyatt）、凯悦嘉寓酒店（Hyatt House）、凯悦嘉轩酒店（Hyatt Place）、tommie、逸扉（UrCove）以及Hyatt Residence Club 等著名品牌的酒店、度假村、公寓、分时度假项目、健身及SPA场所，更有凯悦天地忠诚顾客计划为会员提供精彩体验与专享礼

关于Apple Leisure Group

Apple Leisure Group（ALG）是北美领先的度假村品牌管理、旅游和酒店管理集团，以独特的商业模式为全球游客和目的地提供服务。ALG通过其附属公司，战略性地利用其品牌组合不断为旅游者提供卓越价值，并为度假村业主和合作伙伴带来强劲业绩。ALG旗下品牌组合包括AMResorts LP、美国最大的墨西哥和加勒比海旅游度假套餐和包机销售商之一ALG Vacations、独家会员计划Unlimited Vacation Club、提供一流目的地管理服务的Amstar DMC以及连接88000多家旅行社与领先旅游供应商的创新技术解决方案提供商Trisept Solutions。AMResorts LP及其附属公司为旗下AMR Collection的度假村和酒店品牌提供销售、营销和品牌管理服务。AMR Collection汇集了Secrets Resorts & Spa、Dreams Resorts & Spas、Breathless Resorts & Spas、Zoëtry Wellness & Spa Resorts、Alua Hotels & Resorts、Sunscape Resorts & Spas和Now Resorts & Spas等屡获殊荣的五星级和四星级奢华酒店品牌。ALG Vacations旗下拥有Apple Vacations、Funjet Vacations、Travel Impressions、CheapCaribbean.com、BeachBound、Blue Sky Tours、Southwest Vacations和United Vacations等多个发展成熟的优质品牌。

如需进一步了解Apple Leisure Group，请访问www.appleleisuregroup.com。

FORWARD-LOOKING STATEMENTS

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company’s proposed acquisition of Apple Leisure Group, including expected financial and operational benefits resulting from the acquisition, guestand owneradvantages arising from the acquisition, projected financial performance of Apple Leisure Group, the amount and timing of future asset dispositionsand projected sales multiples of such asset dispositions, the Company’s liquidity profile, the number of properties expected to open in the future, the expected growth of global luxury travel and the Company’s system-wide leisure room revenue mix, the projected future fee based earnings of the combined company,expected benefitsand added valuefrom theWorld of Hyatt loyalty program andApple LeisureGroup's membership offering,anticipated financing sources for the proposed acquisition of Apple LeisureGroup, the impact of indebtedness incurred in connection with the acquisition on the Company’s investment grade rating status, the expected timeline for completing the acquisition, the Company’s plans, strategies, outlook, financial performance, projections, financing proposals, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, risks associated with the ability to consummate the proposed acquisition of Apple Leisure Group and the timing of the closing of the proposed transaction; the Company’s ability to successfully integrate Apple Leisure Group’s employees and operations into the Company; the ability to realize the anticipated benefits and synergies of the proposed acquisition of Apple Leisure Group as rapidly or to the extent anticipated; risks related to the ability to obtain any contemplated financing on favorable terms or at all; risks affecting the luxury and all-inclusive lodging segments; the duration of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and longer-term effects of the COVID-19 pandemic, including the demand for travel, transient and group business, and levels of consumer confidence; the impact of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants, and the impact of actions that governments, businesses, and individuals take in response, on global and regional economies, travel limitations or bans, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the broad distribution of COVID-19 vaccines and wide acceptance by the general population of such vaccines; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business, leisure, and all-inclusive segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, such as the COVID-19 pandemic, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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