Hyatt is selling off its Playa Resorts real estate assets in a $2 billion deal.
The new owner is Tortuga Resorts which is a joint venture between an affiliated company of KSL Capital Partners, LLC and Rodina.
The transaction is expected to close before the end of 2025.
“The planned sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt’s fee-based earnings,” said Mark Hoplamazian, CEO, Hyatt
Hyatt will continue to manage the business.
The portfolio consists of 15 all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica.
Hyatt only just recently completed on the transaction to acquire Playa.
Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties.
“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.”
Hyatt will use the proceeds to repay a term loan used to fund a portion of the Playa acquisition.
