In a move set to expand its offerings in lifestyle hotels and wellbeing, Hyatt Hotels will acquire Two Roads Hospitality – parent company of Alila, Destination, Joie de Vivre, Thompson and tommie brands – for a base price US$480m, with Hyatt potentially investing US$120m more.

Two Roads operates 85 properties in eight countries, and the acquisition will expand Hyatt’s brand presence into 23 new markets. The deal is expected to close later this year.

“Hyatt and Two Roads share a commitment to genuine care and delivering distinctive experiences to discerning travellers,” said Mark Hoplamazian, president and CEO of Hyatt. “We are pleased to be coming together, and are dedicated to learning from each other and taking the best of both organisations forward. Two Roads’ passionate team members, strong brands, global footprint and robust development pipeline will expand our lifestyle offerings and grow Hyatt’s brand presence in more places where our guests and World of Hyatt members want to travel. Importantly, combining Two Roads’ meaningful brand presence and development plans in Asia with Hyatt’s already strong position in this region will allow us to accelerate expansion in this critically important and fast-growing part of the world.”

Hyatt notably acquired wellness destination brand Miraval in early 2017, as well as US spa and fitness brand exhale in August 2017. It most recently named spa and wellness industry veteran Mia Kyricos as its senior vice president, global head of wellbeing.

Hyatt will also be host to the 2019 Global Wellness Summit, set to take place in October in Hong Kong.