Hyatt Hotels Corporation has agreed to acquire Two Roads Hospitality in a deal worth $480 million. Two Roads is a lifestyle hotel management company with a collection of brands and properties, including Destination Hotels, Joie de Vivre and Thompson Hotels. Its addition will bring Hyatt into 23 new markets. The acquisition consists of a base purchase price of $480 million, 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. After the close of the transaction, which is expected later this year, Hyatt will create a dedicated lifestyle division as a catalyst to bring together the operations of Two Roads and Hyatt’s lifestyle brands. Jamie Sabatier, CEO of Two Roads, said “Hyatt’s unique position in the marketplace brings with it the powerful benefit of global scale while maintaining meaningful personal relationships with team members, guests and owners.”