Hyatt Hotels Corp. (NYSE: H) is planning to launch Homes & Hideaways by World of Hyatt, a new platform offering the short-term vacation rentals of private homes in leisure and resort locations.
In announcing the new platform, the Chicago-headquartered company stated that “World of Hyatt members will have direct booking access to a unique collection of short-term private home rentals from beachfront escapes to mountainside ski chalets, where they can earn and redeem points beyond the traditional hotel stay.” The rentals will initially be based in the U.S., with global destinations to be added in the near future.
Ahead of the launch of Homes & Hideaways by World of Hyatt, the company announced that CoralTree Hospitality Group, the hospitality management subsidiary of the Los Angeles-based real estate investor Lowe, will purchase and operate its existing vacation rental management business that is currently branded Destination Residences Management (DRM). Financial terms of that transaction were not disclosed, and Hyatt added that key DRM properties will be included in its new platform.
“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 & data, Hyatt. “This unique collection of curated homes will not only increase Hyatt’s home offerings but also showcase a solid trajectory of key market growth where our guests are traveling most and expanded opportunities to care for members in new ways and new places.”