Hyatt has announced an agreement to purchase lifestyle hotel management company Two Roads Hospitality.

The group owns brands including Alila, Destination, Joie de Vivre, Thompson and Tommie, which will be incorporated into a new dedicated lifestyle division within Hyatt.

The group will acquire Two Roads Hospitality for a base purchase price of $480million, “with the potential for Hyatt to invest up to an additional $120 million in the aggregate, contingent on the outcome of certain terms to be individually defined after closing”.

Hyatt will take on the management contracts for the majority of Two Road’s 85 properties in eight countries, adding 23 new markets to the group’s presence.

The hotels are set to join the World of Hyatt loyalty programme in 2019.

Earlier this year Hyatt had considered a bid for Spanish chain NH Hotel Group, but this ultimately did not come to fruition.

Hyatt considers bids for NH Hotel Group