The Dream Hotel Group will be acquired by Hyatt for $300 million.

There are 24 long-term management agreements for hotels that will open in the future as part of the acquisition. The acquisition will increase Hyatt's room count in New York City by 30 percent.

Dream Hotel Group properties can be found in places like Nashville, Hollywood, South Beach, Durham, the Catskills and more.

Hyatt will pay $125 million when the acquisition is completed, with up to an additional $175 million paid out over the next six years.

Mark Hoplamaz said, "We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and Chief Executive Officer Jay Stein and their team have created and are thankful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the More than 600 new Hyatt family members will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division as we continue our growth journey.

Hoplamazian continued, "We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of hotels around the world."

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