Hyatt Hotels Corporation is strengthening its position in the luxury hotel business by acquiring London-based Mr & Mrs Smith platform for £53 million. The transaction is expected to close in the second quarter of 2023.
Mr & Mrs Smith has a collection of more than 1,500 luxury properties worldwide and more than one million members. This acquisition will enable a Hyatt subsidiary to strengthen its distribution capabilities, particularly in Europe, by offering more luxury offerings to its customers and especially to World of Hyatt members. World of Hyatt members are particularly important to Hyatt because they are the largest spenders and stayers.
Mr. & Mrs. Smith properties will be bookable via the World of Hyatt website and app, and once the sale closes, more than 100 Mr. & Mrs. Smith colleagues are expected to join Hyatt's commercial services team. Among them will be Tamara Lohan, who will serve as CEO of Mr & Mrs Smith and report to Mark Vondrasek, Hyatt's chief commercial officer, and James Lohan, who will serve as Mr & Mrs Smith's creative director.
This is an opportunity for Hyatt to grow its community with Mr & Mrs Smith's more than one million members to date and to meet other hotel owners. The acquisition will also allow Hyatt to expand into more than 20 new countries where it does not yet have a property, such as Fiji, Croatia, Iceland and Anguilla, and to expand its offerings in hundreds of regions.
"Founders Tamara and James Lohan, along with their impressive team, have built the world's best collection of direct bookings of truly unique staycation experiences, including rooms located in tree houses, inside caves and underwater suites. Importantly, we see great synergy between our collective ethos of care, and we look forward to working together to bring our joint attention to new and memorable stay experiences for World of Hyatt guests and members - and introduce new guests to Hyatt hotels around the world."-Mark Vondrasek, chief commercial officer of Hyatt
"I am very pleased that we have found a brand as dynamic and globally recognized as Hyatt to bring Mr. & Mrs. Smith into a new chapter. We have long admired and respected Hyatt and believe there is no one better positioned to build on what we have accomplished and take our business to new heights. Our goal has always been to make Mr. & Mrs. Smith the best travel club in the world for hotel lovers. Thanks to Hyatt, that vision has become much closer to reality. With Hyatt's support, Mr & Mrs Smith will be able to offer its community of members, hoteliers and partners so much more." -Tamara Lohan, co-founder, president and CEO of Mr & Mrs Smith.