PLYA News & Events

Hyatt Hotels (H) announced that it has entered into a definitive agreement to sell the entirety of Playa's (PLYA) owned real estate portfolio, acquired from Playa on June 17, 2025, for $2B to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. Hyatt can achieve up to an additional $143M earnout if certain operating thresholds are met. The real estate transaction is expected to close before the end of 2025 and is subject to regulatory approval in Mexico and other customary closing conditions. The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica. Concurrent with the real estate sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties, with terms consistent with Hyatt's existing all-inclusive management fee structure, while the remaining two properties are under separate contractual arrangements. Hyatt will retain $200M of preferred equity in connection with the real estate transaction. Following the sale of the real estate portfolio, Hyatt's net purchase price for Playa's asset-light management business is approximately $555M, net of gross proceeds from asset sales. Hyatt expects to earn $60M-$65M of stabilized Adjusted EBITDA in 2027, inclusive of earnings from Unlimited Vacation Club and ALG Vacations, representing an implied multiple of 8.5x - 9.5x. The implied multiple would be further improved to the extent the earnout conditions are met. Upon completion of the real estate sale, Hyatt is required to use the proceeds to repay the delayed draw term loan used to fund a portion of the Playa acquisition and expects pro forma net leverage to be consistent with thresholds necessary to maintain its investment-grade credit profile.

Hyatt Hotels (H) announced the completed acquisition of Playa Hotels & Resorts (PLYA), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic and Jamaica. This transaction includes the acquisition of 15 all-inclusive resorts previously managed and owned by Playa. Of these, eight were already represented within Hyatt's system as Hyatt Ziva and Hyatt Zilara properties. As part of the transaction, Hyatt expands its all-inclusive portfolio with the addition of several resorts located in premier beach destinations, including Secrets La Romana and Dreams La Romana in the Dominican Republic; Dreams Rose Hall in Montego Bay, Jamaica; and Hyatt Vivid Playa del Carmen and Sunscape Cancun in Mexico. Hyatt intends to provide additional financial information about the transaction during the Q2 earnings conference call. In connection with the transaction, BDT & MSD Partners served as lead financial advisor to Hyatt, with Berkadia serving as Hyatt's real estate advisor. Latham & Watkins LLP acted as Hyatt's legal advisor.

Hyatt (H)announced that 101,891,119 shares of Playa Hotels & Resorts (PLYA), representing approximately 82.8% of Playa's outstanding shares, were validly tendered and not withdrawn prior to the expiration of the initial offering period on June 9. For purposes of the minimum tender condition, the aggregate number of Playa ordinary shares validly tendered represents approximately 92.7% of the outstanding Playa ordinary shares. As a result, the minimum tender condition and other conditions of its previously announced tender offer to acquire Playa for $13.50 per share or approximately $2.6B, including approximately $900M of debt, net of cash, have been satisfied. All validly tendered shares are expected to be accepted for payment on or about June 11. The subsequent offering period has now commenced. Playa shareholders who have not yet tendered their shares may still tender during the subsequent offering period, which will expire at 11:59 p.m., NYC time, on June 16.Playa ordinary shares are expected to be suspended from trading on the Nasdaq prior to the opening of the market on June 16.