Hyatt Hotels Corporation Closes $2 Billion Playa Portfolio Sale to Tortuga Resorts, Completing Asset-Light Exit

CHICAGO — Hyatt Hotels Corporation has closed the sale of the real estate portfolio it previously acquired from Playa Hotels & Resorts N.V. to Tortuga Resorts for approximately $2 billion, the Chicago-based hospitality company announced June 18, completing what it described as a fully asset-light transaction of the Playa portfolio.

Tortuga Resorts, a real estate and asset management platform focused on luxury beachfront hospitality across Mexico and the Caribbean, acquired the portfolio in a deal that also includes a potential earnout of up to $143 million for Hyatt Hotels Corporation if certain operating thresholds are met. Hyatt has also retained $200 million of preferred equity in Tortuga in connection with the transaction.

Portfolio Scope and Transaction Structure

The real estate portfolio originally comprised 15 all-inclusive properties located across Mexico, the Dominican Republic, and Jamaica. Hyatt sold one of those properties to a separate third-party buyer on September 18, 2025, for $22 million. Combined with the Tortuga transaction, Hyatt has now sold the entire Playa real estate portfolio for a total of approximately $2 billion in gross proceeds.

Concurrent with the real estate closing, Hyatt Hotels Corporation and Tortuga Resorts entered into 50-year management agreements covering 13 of the 14 properties included in the Tortuga transaction. The terms of those agreements are consistent with Hyatt's existing all-inclusive management agreements, according to the announcement. The remaining property is subject to a separate contractual arrangement.

The structure allows Hyatt to exit direct real estate ownership while preserving long-term fee income from managing the resorts under its Inclusive Collection brand umbrella. Hyatt said proceeds from the sale will be used to repay the delayed draw term loan that funded a portion of the original Playa acquisition, and the company expects its pro forma net leverage to remain consistent with thresholds required to maintain its investment-grade credit profile.

Tortuga Resorts Emerges as Scaled Beachfront Platform

Tortuga Resorts was formed by KSL Capital Partners, and Rodina. With the closing of this transaction, the platform holds a portfolio of 14 all-inclusive beachfront resorts across three countries.

"The completion of this transaction marks a defining moment, establishing Tortuga as a scaled, leading platform in luxury beachfront hospitality across Mexico and the Caribbean," said Leo Schlesinger, CEO of Tortuga. "We are excited to deepen our partnership with Hyatt and to work closely with our brand partners, property teams and investors to unlock new opportunities for growth. Together, we will leverage our reach and capabilities to create unforgettable experiences for the guests and communities we serve and deliver long-term value for all stakeholders."

Javier Águila, President of the Inclusive Collection at Hyatt, described the closing as the culmination of a transformative transaction. "With this transaction, we've secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence," Águila said. "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."

Hurricane Melissa Complicates Jamaican Operations

The transaction closes against a backdrop of ongoing operational disruption in Jamaica. Seven Hyatt properties in Jamaica sustained damage from Hurricane Melissa in October 2025 and are expected to remain closed until the fourth quarter of 2026. According to Hyatt, all guests and colleagues were safely evacuated and no loss of life occurred, though many colleagues experienced extensive property damage.

Hyatt said it has provided financial assistance to affected colleagues in Jamaica through the Hyatt Care Fund, donations from Hyatt colleagues, and direct financial support from the company. The company filed a Form 8-K on the transaction date providing an update on estimated 2025 financial impacts related to Hurricane Melissa damage.

Advisors

BDT & MSD Partners served as Hyatt's lead financial advisor on the transaction, with Berkadia serving as real estate advisor and Latham & Watkins LLP as legal counsel. Goldman Sachs & Co. LLC served as exclusive financial advisor to Tortuga Resorts, with Simpson Thacher & Bartlett LLP acting as legal counsel.

The $2 billion headline price reflects the full Playa real estate exit across all 15 properties. The deal does not include a disclosed per-key price, and Hyatt has not released individual property names, key counts, or square footage figures in connection with the announcement.

Hyatt Hotels Corporation, headquartered in Chicago, operates a portfolio of more than 1,450 hotels and all-inclusive properties across 82 countries as of September 30, 2025.