Hyatt Completes $2 Billion Sale of Playa Hotels & Resorts Real Estate

Hyatt Hotels Corporation has officially closed the sale of Playa Hotels & Resorts N.V.’s real estate portfolio to Tortuga Resorts, a real estate and asset management platform. 

The deal was made for $2 billion and follows Hyatt’s asset-light business model, which focuses on keeping direct ownership of property low. 

According to the hotel giant, certain operating thresholds could net the company $143 million in earnout, and Hyatt has also retained $200 million of preferred equity in Tortuga. The transaction includes a 50-year management agreement for 13 of the 15 resorts in the portfolio. 

The transaction follows Hyatt’s June takeover of Playa Hotels & Resorts, bringing fifteen all-inclusive resorts across Jamaica, the Dominican Republic and Mexico to its all-inclusive portfolio. Some resorts include Secrets La Romana and Dreams La Romana in the Dominican Republic, Dreams Rose Hall in Jamaica and Hyatt Vivid Playa del Carmen and Sunscape Cancun in Mexico.

“This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection,” said Javier Águila, President, Inclusive Collection, Hyatt. “With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence. 

“We are deeply grateful to the teams who made this transaction possible. Throughout this process, we’ve seen strong cultural alignment grounded in care between Playa and Hyatt which has been key to achieving this milestone and will help us deliver even more memorable all-inclusive experiences for guests.”

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