Today, Hyatt announced that it has entered into a definitive agreement to sell the entirety of Playa’s owned real estate portfolio, acquired from Playa on June 17, 2025, for $2.0 billion to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina.
As part of the deal, Hyatt can earn up to an additional $143 million if certain operating thresholds are met.
The announcement comes shortly after Hyatt spent $2.6 billion acquiring Playa’s 24 luxury, all-inclusive resorts in Mexico, Jamaica, and the Dominican Republic in February.
The luxury hotel chain’s deal is expected to close by the end of 2025 and is subject to regulatory approval in Mexico and other standard closing conditions.
Hyatt’s CEO, Mark Hoplamazian, told investors, “The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt’s fee-based earnings… Hyatt has secured long-term, durable management agreements and the planned real estate sale demonstrates Hyatt’s commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year.”
After completing the real estate sale, Hyatt must use the proceeds to repay the delayed draw term loan that funded part of the Playa acquisition.
The company stated that after selling its real estate portfolio, Hyatt’s net purchase price for the remaining portion of Playa’s business is approximately $555 million.
By CEO NA Editorial Staff
