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BRIEF-HYATT HOTELS SAYS ACQUIRED MIRAVAL GROUP FROM AN AFFILIATE OF KSL CAPITAL PARTNERS
January 18, 2017 / 5:08 PM / 8 months ago

BRIEF-HYATT HOTELS SAYS ACQUIRED MIRAVAL GROUP FROM AN AFFILIATE OF KSL CAPITAL PARTNERS

Jan 18 (Reuters) - Hyatt Hotels Corp

* HYATT ACCELERATES GROWTH STRATEGY INTO ADJACENT SPACES WITH ACQUISITION OF WELLNESS LEADER MIRAVAL GROUP

* HAS ACQUIRED MIRAVAL GROUP FROM AN AFFILIATE OF KSL CAPITAL PARTNERS, LLC

* EXPECTS TO INVEST AN ADDITIONAL $160 MILLION OVER NEXT TWO TO THREE YEARS TO FUND EXPANSION OF TUCSON RESORT AMONG OTHERS

* TRANSACTION ALSO INCLUDES ACQUISITION OF MIRAVAL LIFE IN BALANCE SPA BRAND

* COMPANY EXPECTS THE INVESTMENTS TO BE MARGINALLY ACCRETIVE TO ADJUSTED EBITDA IN 2017 AND 2018

* ACQUISITION INCLUDES AN INITIAL INVESTMENT OF $215 MILLION FOR MIRAVAL BRAND AND RESORTS IN TUCSON AND AUSTIN

* SAYS WILL FUND DEAL WITH CURRENT OPERATING CASH FLOWS, PROCEEDS FROM SALE OF EXISTING ASSETS, CONSISTENT WITH CO‘S ASSET RECYCLING PROGRAM Source text for Eikon: Further company coverage:

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