Hyatt Sells Playa Real Estate for $2B with $143M Earnout

Hyatt Hotels Corporation has finalized the $2 billion sale of Playa Hotels and Resorts’ owned real estate portfolio to Tortuga Resorts, completing its shift to a fully asset-light structure following its acquisition of Playa in June 2025.

The agreement to sell the properties was first announced in July 2025.

Deal structure

Under the transaction terms, Hyatt is eligible for a potential earnout of up to $143 million and will retain $200 million in preferred equity in the portfolio. Proceeds from the sale are being used primarily to retire acquisition-related debt and pay down term loans, helping Hyatt maintain its investment-grade credit profile.

Hyatt acquired Playa on June 17, 2025, and agreed to sell the underlying real estate just weeks later. This fast turnaround effectively converts the Playa acquisition into a pure asset-light transaction, reinforcing Hyatt’s strategy of scaling its all-inclusive presence without tying up long-term capital in property ownership.

Resort portfolio and management agreements

The portfolio includes 15 all-inclusive resorts located across Mexico, the Dominican Republic, and Jamaica. Hyatt will continue to operate 13 of these properties under new 50-year management agreements signed at standard commercial terms.

The remaining two resorts will be managed under separate, customized arrangements.

Photo by Paolo Nicolello on Unsplash