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HYATT ANNOUNCES AGREEMENT TO SELL PLAYA'S OWNED REAL ESTATE PORTFOLIO TO TORTUGA FOR $2.0 BILLION
Hyatt Hotels Corporation (the “Company”) (NYSE: H) announced today 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 (“Tortuga”), a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. |
Catégorie : Monde - Économie du secteur
- Rachats groupes ou hôtels
Ceci est un communiqué de presse sélectionné par notre comité éditorial et publié gratuitement le mardi 01 juillet 2025
Hyatt can achieve up to an additional $143 million 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 $200 million 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 $555 million, net of gross proceeds from asset sales. Hyatt expects to earn $60 to $65 million 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.
“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,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt.
“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.”
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.
A supplemental presentation with additional information about the planned transaction is attached to the Form 8-K filed today, and is available on Hyatt’s Investor Relations website, under the “Financials” section.
In connection with the transaction, BDT & MSD Partners is acting as lead financial advisor to Hyatt, with Berkadia serving as Hyatt’s real estate advisor. Latham & Watkins LLP is Hyatt’s legal advisor. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Tortuga, and Simpson Thacher & Bartlett LLP is acting as Tortuga’s legal advisor.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company's portfolio included more than 1,450 hotels and all-inclusive properties in 79 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt, Alila, Miraval, Impression by Secrets, and The Unbound Collection by Hyatt; the Lifestyle Portfolio, including Andaz, Thompson Hotels, The Standard, Dream Hotels, The StandardX, Breathless Resorts & Spas, JdV by Hyatt, Bunkhouse Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry Wellness & Spa Resorts, Hyatt Ziva, Hyatt Zilara, Secrets Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape Resorts & Spas, Alua Hotels & Resorts, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt, Hyatt Regency, Destination by Hyatt, Hyatt Centric, Hyatt Vacation Club, and Hyatt; and the Essentials Portfolio, including Caption by Hyatt, Hyatt Place, Hyatt House, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt loyalty program, ALG Vacations, Mr & Mrs Smith, Unlimited Vacation Club, Amstar DMC destination management services, and Trisept Solutions technology services.
About Tortuga Resorts
Tortuga Resorts was established to create the leading ownership company for premium beachfront resorts throughout top destinations in the Caribbean and Latin America. Tortuga Resorts’ current portfolio consists of 8 premier beach resorts, with approximately 2,900 rooms across 3 world-class destinations. Tortuga Resorts was formed by KSL Capital Partners, LLC, a leading global investor in travel and leisure businesses, and Rodina, a family office based in Mexico City with experience across various industries including hospitality, infrastructure, and technology.
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