Hyatt Hotels Corporation has announced a significant real estate transaction that will impact Mexico’s tourism sector. The company plans to sell its entire Playa Hotels & Resorts portfolio for $2 billion to Tortuga Resorts. Tortuga Resorts is a joint venture created by the investment firms KSL Capital Partners and Rodina.
This sale includes 15 all-inclusive resort properties located across Mexico, the Dominican Republic, and Jamaica. The announcement follows Hyatt’s completion of its $2.6 billion acquisition of Playa’s portfolio, which was finalized on June 17.
Despite selling the physical properties, Hyatt will maintain operational control of 13 out of the 15 resorts through 50-year management agreements. The other two properties will function under different agreements. Additionally, Hyatt has the opportunity to earn an extra $143 million if certain operating performance benchmarks are achieved.
The deal is expected to be finalized before the end of 2025. As a result, Hyatt’s net purchase price for Playa’s management business will be effectively reduced to approximately $555 million once the proceeds from this asset sale are accounted for.
Rebranding and Investor Confidence
Hyatt has already started the process of rebranding some of the all-inclusive resorts acquired from the Playa portfolio earlier this month. This transaction marks one of the largest recent real estate deals in Mexico’s hospitality sector and underscores continued investor confidence in the country’s tourism market.
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