Hyatt completes $2B sale of Playa Hotels & Resorts real estate

Core Insights - Hyatt Hotels has completed the $2 billion sale of the Playa Hotels & Resorts real estate portfolio, which includes 15 all-inclusive properties across Mexico, the Dominican Republic, and Jamaica [1][2]. Group 1: Transaction Details - The real estate portfolio was acquired by Hyatt last year as part of a $2.6 billion acquisition of the Playa Hotels & Resorts brand [2]. - Hyatt sold one of the Playa resorts to a third-party buyer for $22 million in September and has now completed the sale of the remaining 14 properties to Tortuga Resorts [2]. Group 2: Strategic Implications - Hyatt and Tortuga have entered into 50-year management agreements for 13 of the 14 properties, maintaining terms consistent with Hyatt's existing all-inclusive management agreements [3]. - The sale reflects Hyatt's commitment to an asset-light business model, a strategy the company has been focusing on for several years [3]. Group 3: Tortuga Resorts' Growth - The closing of the sale marks a significant milestone for Tortuga, positioning the brand as a leading platform in luxury beachfront hospitality across Mexico and the Caribbean [4]. - Tortuga Resorts is a joint venture between KSL Capital Partners and Rodina, with Leo Schlesinger recently appointed as CEO to lead the next phase of strategic growth [4].