Hyatt to sell all its Playa real estate to an investment joint venture
The deal, which is expected to close before the end of the year, comprises 15 all-inclusive resort properties across Mexico, the Dominican Republic and Jamaica.
Following the real estate sale, Hyatt will maintain operational control through 50-year management agreements for 13 of the 15 properties. Two properties will operate under separate arrangements. Hyatt said it could earn an additional $143 million if certain operating thresholds are met.
Additionally, Hyatt reported that the transaction reduces its net purchase price for Playa's management business to approximately $555 million after asset sale proceeds.
Hyatt's $2.6 billion acquisition of the Playa portfolio closed on June 17.
The company began reflagging a portion of Playa's all-inclusives earlier this month.
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