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Hyatt Hotels has signed an agreement to purchase international lifestyle hotel management company Two Roads Hospitality for around $480m.

Value of the transaction consists of a base purchase price of $480m along with an investment of up to an additional $120m in the aggregate, contingent on the outcome of certain terms to be individually defined after closing.

The addition of Two Roads to Hyatt portfolio will expand its brand presence into 23 new markets.

Two Roads currently owns 85 properties including a collection of lifestyle hotels, resorts and vacation residences in eight countries.

Hyatt Hotels president and chief executive officer Mark Hoplamazian said: “We are pleased to be coming together, and are dedicated to learning from each other and taking the best of both organisations forward.

“Two Roads’ passionate team members, strong brands, global footprint and robust development pipeline will expand our lifestyle offerings and grow Hyatt’s brand presence in more places where our guests and World of Hyatt members want to travel.

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“Importantly, combining Two Roads’ meaningful brand presence and development plans in Asia with Hyatt’s already strong position in this region will allow us to accelerate expansion in this critically important and fast-growing part of the world.”

The transaction is expected to close later this year and will create a dedicated lifestyle division to merge the operations of Two Roads’ and Hyatt’s lifestyle brands.

Two Roads brands are expected to be integrated into the World of Hyatt programme next year.

Goldman Sachs and Latham & Watkins served as exclusive financial advisor and legal counsel, respectively, to Hyatt.