CHICAGO—Hyatt Hotels Corporation announced plans for a new short-term vacation rental platform, Homes & Hideaways by World of Hyatt, which will have private homes and remote hideaways in the United States. When the offering launches, which is expected in the coming weeks, World of Hyatt members will have direct booking access to short-term private home rentals.
The planned launch of Homes & Hideaways by World of Hyatt reinforces Hyatt’s commitment to providing flexible stay experiences. The focus on the vacation rentals segment will allow members to unlock access to residential rental accommodations across the United States in travel destinations like Hawaii, Colorado, and more, with plans to grow the platform globally.
“We are committed to evolving access to the type of accommodations World of Hyatt members are seeking that go beyond our hotels—from a large family who travels together or guests looking to work from anywhere for an extended period of time,” said Amy Weinberg, senior vice president, brand, loyalty, and data, Hyatt. “Homes & Hideaways by World of Hyatt brings a unique collection of curated homes which increases Hyatt’s home offerings and expands new ways and new places where we can extend care to members.”
Leading up to the launch of Homes & Hideaways by World of Hyatt, Hyatt has identified Lowe, which, through an affiliate, will purchase and operate the existing vacation rental management business that is currently branded Destination Residences Management.
In the near future, the Homes & Hideaways by World of Hyatt platform is expected to have existing DRM properties in U.S. leisure destinations as part of offering members booking access to a collection of private homes.
In connection with the sale, of the Destination Residences Management business, PJT Partners LP served as financial advisor to Hyatt, and Latham & Watkins LLP acted as its legal advisor.