Hyatt Hotels scion John Pritzker, whose Joie de Vivre Hotels formed a 50-50 joint venture with Thompson Hotels in 2011, reached an agreement to buy out Thompson's stake in the venture, putting more than 40 hotels under his control.
The venture, Commune Hotels and Resorts, was created to broaden the exposure of both San Francisco-based Joie de Vivre and New York-based Thompson, but after less than two years, Pritzker's private-equity firm, Geolo Capital, paid an undisclosed price for Thompson's stake.
Pritzker, who acquired Joie de Vivre in 2010, will manage Thompson properties such as the Hollywood Roosevelt and Thompson Toronto as well as Joie de Vivre properties like San Francisco's Hotel Vitale. Pritzker will also oversee Commune's launch of the Tommie brand in 2015.
Five Thompson-owned hotels, including New York's 60 Thompson and Thompson Beverly Hills, will have management duties transferred from Commune to Thompson's founding Pomeranc family. All but 60 Thompson will be rebranded.
Additionally, Commune tapped executives such as former Hyatt Hotels Chief Information Officer Mike Blake and ex-Ritz-Carlton and Hyatt executive Phil Keb to help run the company.
Pritzker, estimated by Forbes to be worth $1.8 billion, is the son of the late Hyatt founder, Jay Pritzker.