Core Insights - Hyatt Hotels has completed the sale of its Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for approximately $2 billion, involving 15 all-inclusive properties across the Dominican Republic, Jamaica, and Mexico [1] - The transaction includes a preferred equity stake of $200 million in Tortuga for Hyatt, with potential additional earnings of $143 million contingent on operational milestones [1] Group 1: Transaction Details - The sale marks the complete divestiture of Hyatt's Playa real estate portfolio, following a previous sale of a property for $22 million on September 18, 2025 [2] - Hyatt and Tortuga have established 50-year management agreements for 13 of the 14 properties, with the final property under a separate arrangement [2] Group 2: Financial Implications - Proceeds from the sale will be used to repay a delayed draw term loan that was utilized for the Playa acquisition, helping maintain Hyatt's investment-grade credit profile [3] - BDT & MSD Partners acted as Hyatt's lead financial advisor for the transaction, with Berkadia providing real estate advisory services and Latham & Watkins serving as legal counsel [3] Group 3: Operational Considerations - Seven Hyatt properties in Jamaica will remain closed until late 2026 due to damage from Hurricane Melissa in October 2025, with all guests and staff evacuated safely [4] - Financial assistance has been provided through the Hyatt Care Fund and additional company support [4] Group 4: Strategic Vision - The president of Hyatt Inclusive Collection emphasized that the transaction represents a transformative step for Hyatt's Inclusive Collection, securing long-term management agreements for a portfolio of exceptional resorts [5] - The strong cultural alignment between Playa and Hyatt has been highlighted as a key factor in achieving this milestone [6]