Hyatt to buy resort manager Apple Leisure for $2.7 billion

CHICAGO (AP) — Hyatt Hotels is buying Apple Leisure Group, which manages resorts and operates charter air tours. The purchase price is $2.7 billion. Apple Leisure manages about 100 resorts with more than 33,000 rooms spread over 10 countries. Hyatt says the acquisition will double its presence in the resort business. Apple is owned by two private equity firms, KKR and KSL Capital Partners. The deal is expected to close in the fourth quarter.