Hyatt finalizes $2B sale of Playa-owned real estate portfolio to Tortuga

Hyatt Hotels Corporation announced Tuesday (Dec. 30) that it has finalized the sale of its Playa Hotels & Resorts real estate holdings to Tortuga Resorts in a transaction valued at roughly $2 billion (USD).

Under the agreement, Hyatt may receive up to an additional $143 million in earnout payments if specified performance benchmarks are achieved. The company also retained a $200 million preferred equity stake in Tortuga as part of the arrangement.

The portfolio initially consisted of 15 all-inclusive resorts located in Mexico, the Dominican Republic, and Jamaica.

One of the properties was sold earlier to a different buyer for $22 million on Sept. 18, bringing the total proceeds from the full portfolio divestiture to $2 billion.

At the same time as the sale, Hyatt and Tortuga agreed to 50-year management contracts covering 13 of the 14 properties, while the remaining property will operate under a separate agreement.

“This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection,” said Javier Águila, president, Inclusive Collection, Hyatt, in a press release.

“With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence. We are deeply grateful to the teams who made this transaction possible.”

“Throughout this process, we’ve seen strong cultural alignment grounded in care between Playa and Hyatt which has been key to achieving this milestone and will help us deliver even more memorable all-inclusive experiences for guests.”

The transaction supports Hyatt’s ongoing shift toward an asset-light operating model.

The company plans to apply the sale proceeds toward repayment of the delayed-draw term loan used to partially finance the Playa acquisition, and expects its pro forma net leverage to stay within levels consistent with preserving its investment-grade credit rating.

Hyatt also said that seven of its Jamaica properties are anticipated to remain closed until the fourth quarter of 2026 as a result of damage caused by Hurricane Melissa in October 2025.

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