US hotel group Hyatt will buy Apple Leisure Group for $2.7bn (£1.9bn), vastly increasing its share of the luxury resorts market.
To pay for the deal Hyatt said it will add $2bn of assets to an existing programme of hotel real estate sales.
Hyatt aims to generate 80% of its revenue from management fees, as opposed to owning and leasing hotels, by 2024.
Apple Leisure, an asset-light operator, owns the Zoetry and Sunscape resort brands.
