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

CHICAGO — Hyatt Hotels Corporation (NYSE: H) 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 company announced July 1, 2026. The transaction completes the full monetization of Hyatt's Playa-related owned resort real estate and advances the company's asset-light business strategy.

Deal Structure and Terms

The sale to Tortuga Resorts encompasses 14 all-inclusive resort properties located across Mexico, the Dominican Republic and Jamaica. Hyatt retains $200 million of preferred equity in Tortuga in connection with the transaction and can earn up to an additional $143 million if certain operating thresholds are met.

Concurrent with the real estate sale, Hyatt and Tortuga entered into 50-year management agreements covering 13 of the 14 properties, with terms consistent with Hyatt's existing all-inclusive management agreements. The remaining property is subject to a separate contractual arrangement.

The Tortuga transaction, combined with a prior sale of one property to a separate third-party buyer on September 18, 2025, for $22 million, brings the total proceeds from the Playa real estate portfolio to $2 billion. The original portfolio comprised 15 all-inclusive properties.

Hyatt said proceeds from the sale will be used to repay the delayed draw term loan that funded a portion of the Playa acquisition. The company expects pro forma net leverage to remain consistent with thresholds necessary to maintain its investment-grade credit profile.

Asset-Light Strategy

The transaction represents the culmination of a restructuring strategy Hyatt pursued following its acquisition of Playa Hotels & Resorts N.V. By selling the owned real estate while retaining long-term management agreements, Hyatt converts owned resort assets into fee-based income streams.

"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."

Portfolio Overview and Hurricane Impact

The 14 properties sold to Tortuga are located across Mexico, the Dominican Republic and Jamaica. The resorts operate under Hyatt's Inclusive Collection brands, including Hyatt Ziva, Hyatt Zilara, Secrets Resorts & Spas and Dreams Resorts & Spas, among others.

Seven of the Hyatt-branded properties in Jamaica sustained damage from Hurricane Melissa in October 2025 and are expected to remain closed until the fourth quarter of 2026. Hyatt noted that 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.

Tortuga Resorts and Advisors

Tortuga Resorts is a hospitality platform focused on developing and operating beachfront destinations across the Caribbean and Latin America. The platform was formed by KSL Capital Partners, and Rodina.

"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."

In connection with the transaction, BDT & MSD Partners served as Hyatt's lead financial advisor, 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, with Simpson Thacher & Bartlett LLP as legal counsel.

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