Hyatt finalises $2bn sale of Playa resorts to Tortuga Resorts.

Hyatt has sold its Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for about $2 billion, and has signed long-term management agreements covering most properties.

Hyatt has completed the sale of its Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for about $2 billion. The portfolio includes 15 all-inclusive properties in the Dominican Republic, Jamaica, and Mexico. Most properties will remain under Hyatt management through long-term agreements. Sale proceeds will be used to repay a delayed draw term loan related to the Playa acquisition. What was announced: - The transaction values the Playa real estate portfolio at around $2 billion. - The sale covers 15 all-inclusive resorts across the Dominican Republic, Jamaica, and Mexico. - Hyatt holds $200 million in preferred equity in Tortuga and may receive up to $143 million more if certain operational milestones are met. - Hyatt and Tortuga signed 50-year management agreements for 13 of 14 properties under terms aligned with Hyatt's existing all-inclusive contracts; one property has a separate arrangement. - Proceeds from the sale will be applied to repay the delayed draw term loan, and Hyatt expects pro forma net leverage to remain consistent with an investment-grade profile. - Seven Hyatt properties in Jamaica remain closed after damage from Hurricane Melissa and are expected to stay closed until late 2026; Hyatt reported safe evacuation of guests and staff and company support was provided. Summary: The sale moves ownership of the Playa real estate while keeping Hyatt involved operationally through long-term management agreements. The funds are intended to reduce debt tied to the original acquisition and support Hyatt's investment-grade credit profile. Some Jamaica resorts remain closed after storm damage with reopenings expected in late 2026, and any additional payments to Hyatt depend on meeting operational milestones.