Hyatt Hotels Corporation Sells Playa Hotels & Resorts Portfolio to Tortuga Resorts for $2 Billion

CHICAGO — Hyatt Hotels Corporation (NYSE: H) has closed the sale of the real estate portfolio previously acquired from Playa Hotels & Resorts N.V. to Tortuga Resorts for approximately $2 billion, the company announced June 22, 2026. The transaction completes Hyatt's full disposition of the former Playa all-inclusive resort real estate holdings and advances the Chicago-based hospitality company's asset-light business strategy.

Deal Structure and Terms

The portfolio originally comprised 15 all-inclusive resort properties located across Mexico, the Dominican Republic, and Jamaica. Hyatt had previously sold one property to a separate third-party buyer on September 18, 2025, for $22 million. The sale to Tortuga Resorts covers the remaining 14 properties, bringing total proceeds from the full Playa real estate portfolio to $2 billion.

Beyond the headline price, Hyatt retains financial exposure to the platform through two mechanisms: up to $143 million in additional earnout payments contingent on certain operating thresholds being met, and $200 million of preferred equity in Tortuga in connection with the transaction.

Concurrent with the closing, Hyatt and Tortuga Resorts entered into 50-year management agreements covering 13 of the 14 properties in the portfolio, with terms described as consistent with Hyatt's existing all-inclusive management agreements. The remaining property is subject to a separate contractual arrangement, according to the announcement.

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. The company said it expects pro forma net leverage to remain consistent with thresholds necessary to maintain its investment-grade credit profile.

Strategic Rationale: Asset-Light Pivot

The transaction represents the culmination of Hyatt's effort to convert its ownership stake in the former Playa portfolio into a fee-based management position. By retaining long-term management agreements while exiting direct real estate ownership, Hyatt preserves operational control and ongoing fee income without carrying the balance-sheet exposure of the underlying assets.

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

Tortuga Resorts Acquires Beachfront Portfolio

For Tortuga Resorts, the acquisition establishes the platform as an owner of luxury beachfront resort real estate across Mexico and the Caribbean. Tortuga was formed by KSL Capital Partners, and Rodina, and describes itself as focused on developing and operating premium beachfront destinations across the Caribbean and Latin America.

"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."

Hurricane Melissa Impact on Jamaica Properties

The announcement also addressed the status of Hyatt properties in Jamaica following Hurricane Melissa, which struck in October 2025. Seven Hyatt properties in Jamaica are expected to remain closed until the fourth quarter of 2026 as a result of storm damage. Hyatt said all guests and colleagues were safely evacuated and no loss of life occurred, though many colleagues experienced extensive property damage. Financial assistance has been provided to affected colleagues through the Hyatt Care Fund, donations from Hyatt colleagues, and direct financial support from Hyatt. The company filed a Form 8-K with updated estimated 2025 financial impacts related to Hurricane Melissa damage concurrent with this announcement.

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 as legal counsel.

Hyatt Hotels Corporation is headquartered in Chicago and operated more than 1,450 hotels and all-inclusive properties across 82 countries as of September 30, 2025. Its all-inclusive brands under the Inclusive Collection include Zoëtry Wellness & Spa Resorts, Hyatt Ziva, Hyatt Zilara, Secrets Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape Resorts & Spas, Alua Hotels & Resorts, and Bahia Principe Hotels & Resorts, among others.

Sources: KSL Capital Partners news release via Business Wire, June 22, 2026. https://www.kslcapital.com/news#top