Dallas-based luxury travel group Luxury Vacations has agreed to acquire Houston hotel chain Hazbin for an undisclosed amount, the company announced Thursday.
The deal will create the largest luxury hotel group in Texas, with more than 5,000 properties in more than 60 states and territories, according to the company.
The group has more than 3,500 employees and has more offices in the United States than any other company, the group said in a statement.
It also said it would create more than 250 full- and part-time jobs, and “will continue to focus on creating the world’s leading luxury vacation destination.”
The company also announced that its CEO, Greg Hazbin, will join the company as a senior adviser.
Hazbin is the company’s chairman and chief executive officer.
The Hazbin acquisition follows the acquisition of hotels by the Marriott Group last year, which was valued at more than $7 billion.
Luxury Vacation has about 500 properties across more than 30 countries, including several in the U.S.
The acquisition of Hazbin’s Houston property group comes amid an economic downturn in Houston, which has seen hotel occupancy fall more than a third since the recession began in 2007.
Luxe Vacations said it was committed to growing the group’s footprint and “building the best brands, experiences and destinations in the Houston market.”
Luxe also said in its statement that the new group would be focused on building its “global brand portfolio” and “exploring new business opportunities.”
In recent years, Hazbin has been one of the more active CEOs in the luxury travel industry, having been part of the leadership team that led luxury travel firm Aritzia, and the group is a leader in the business of private jet chartering.
The Houston-based company, which began in 2010, operates a network of more than 7,500 hotels across the United Stated and Texas.
It has also launched a suite of travel services, including luxury cruise-ship-style services and an online shopping experience.
The company, founded by billionaire Charles and Ray Hazins, owns more than 70 hotels across seven states.LUXURY VACATIONS HAS MORE THAN 5,500 LOCATIONS IN MORE THan 60 STATES AND TRUSTS IN MORE STATES THAN ANY OTHER GROUP, THE GROUP HAS BEEN ANNOUNCED.
The company said the new entity will “focus on expanding its international footprint and developing its global brand portfolio.”
It will be led by Hazbin as chairman and COO.