Hyatt Plans to Sell Playa Hotels for $2B, Keeps Management Role

On June 30, 2025, Hyatt Hotels Corporation announced an agreement to sell the entire Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for $2 billion, with a potential earn-out of up to $143 million.

The portfolio includes 15 all-inclusive resorts across Mexico, the Dominican Republic, and Jamaica. Hyatt will enter into 50-year management agreements for 13 properties under standard terms. The remaining two resorts will instead be managed under custom, separate arrangements.

Pending regulatory approval in Mexico and customary conditions, the closing is expected by the end of 2025. Hyatt will retain $200 million in preferred equity, use the proceeds to retire acquisition debt, and pay down term loans, supporting its investment-grade credit profile.

The sale fully converts Hyatt’s recent Playa acquisition into an asset-light transaction: Hyatt acquired Playa on June 17 and flipped the real estate just weeks later—a pivot from owning to managing.

Once the real estate is sold, Hyatt’s net outlay for the Playa asset-light business is about $555 million.