Hyatt to sell Playa’s real estate portfolio for $2 billion

Less than two weeks after finalizing a $2.6 billion-dollar (USD) deal, Hyatt is offloading the real estate portfolio it acquired through its purchase of Playa Hotels & Resorts.

Hyatt announced Monday (June 30) that it had reached a deal to sell Playa’s real estate to Tortuga Resorts, a joint venture between global investor KSL Capital and Mexico City-based Rodina, for $2 billion (USD).

As part of the transaction, Hyatt will enter into 50-year management agreements for 13 of the 15 properties with Tortuga, while the remaining two properties are under separate contractual arrangements.

Hyatt will retain $200 million of preferred equity in the real estate transaction, according to a press release.

Following the sale, Hyatt’s net purchase price for Playa’s asset-light management business will be approximately $555 million, net of gross proceeds from asset sales.

"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 CEO of Hyatt, in a release.

Once the sale is finalized, Hyatt will use the proceeds to pay back the delayed draw term loan that helped finance part of the Playa acquisition.

The transaction is expected to close before the end of 2025, subject to regulatory approval in Mexico and other customary closing conditions.

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