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PLYA News
PLYA Events
Hyatt to sell Playa's owned real estate portfolio to Tortuga for $2B
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 completes acquisition of Playa Hotels & Resorts
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 achieves minimum condition in tender offer for Playa Hotels & Resorts
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.
Playa Hotels receives Mexican antitrust approval of pending sale to Hyatt
Playa Hotels & Resorts (PLYA) announced that all required approvals relating to anti-competition filings under Ley Federal de Competencia Economica in Mexico in connection with the Company's pending sale to HI Holdings Playa B.V., an indirect wholly owned subsidiary of Hyatt Hotels Corporation (H), have been granted. Antitrust approval in Mexico was the final regulatory approval required to complete the transaction. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO, including the satisfaction of the minimum tender condition by Playa shareholders. Hyatt's tender offer to acquire all of the outstanding ordinary shares of Playa for $13.50 per share in cash, less any applicable withholding taxes and without interest, is scheduled to expire at 5:00 p.m., New York City time, on June 9, 2025. The offer is being made pursuant to the previously announced purchase agreement, dated February 9, 2025, among Hyatt, Buyer and Playa. Assuming the minimum tender and other offer conditions are satisfied, the tendered shares are expected to be accepted for payment on or about June 11, 2025. Pursuant to the terms of the Purchase Agreement, if the minimum tender condition in the Hyatt tender offer is satisfied, along with certain other closing conditions expected to be satisfied at expiration, then on June 10, 2025, Hyatt will commence a subsequent offering period for the tender offer for any Playa ordinary shares not already tendered, which will expire at 11:59 p.m., New York City time, on June 16, 2025. Following this subsequent offering period and the related transactions required by the Purchase Agreement, Playa expects that Hyatt will own all ordinary shares of Playa on or about June 17, 2025. Playa also announced today that it has submitted written notice to Nasdaq of its intention to voluntarily delist its ordinary shares from Nasdaq. The voluntary delisting is subject to and conditioned upon the expiration of the Hyatt tender offer as described above and the acquisition by Hyatt of all ordinary shares validly tendered and not properly withdrawn in accordance with the Purchase Agreement. If such conditions are satisfied, then on or about June 16, 2025, Playa intends to file with the U.S. Securities and Exchange Commission a notification of removal from listing of its ordinary shares on Nasdaq. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO filed by Hyatt and Buyer with the SEC on February 24, 2025.
Hyatt extends offer for shares of Playa Hotels & Resorts
Hyatt Hotels (H) announced that HI Holdings Playa B.V., an indirect wholly owned subsidiary of Hyatt, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding ordinary shares of Playa Hotels & Resorts (PLYA) for $13.50 per share in cash, less any applicable withholding taxes and without interest. The offer is being made pursuant to the previously announced purchase agreement, dated February 9, 2025, among Hyatt, Buyer and Playa. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on June 9, 2025, unless the tender offer is further extended or earlier terminated in accordance with the Purchase Agreement. The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated, in either case pursuant to the terms of the Purchase Agreement and as described in the Schedule TO filed by Hyatt and Buyer with the U.S. SEC on February 24, 2025, as amended and supplemented.
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