Holland & Knight Advises Interval Leisure Group on $220 Million Purchase of Hyatt’s Timeshare Business
MIAMI (October 1, 2014) – Holland & Knight represented Interval Leisure Group (ILG), a leading global provider of non-traditional lodging, in its $220 million acquisition of Hyatt Residential Group from affiliates of Hyatt Hotels Corporation. The purchase includes Hyatt’s interest in a joint venture that owns and is developing Hyatt Ka'anapali Beach, a 131-unit timeshare property in Maui.
The deal also includes a master license agreement that grants ILG the exclusive right to use the Hyatt brand. Under the terms of the agreement, Hyatt will receive annual license fees and the Hyatt Residence Club and 16 affiliated resorts will retain the same branding.
Headquartered in Miami, ILG has offices in 16 countries and nearly 6,000 employees. With the completion of this deal, ILG has expanded its operations in the timeshare industry to include development, sales, marketing and management areas, generating substantial new revenue streams in connection with such operations as a result.
Holland & Knight partners Tammy Knight and Jeff Stern advised ILG throughout the deal with the assistance of partner Bill Sherman and associate Nicole Maron.