Hyatt Finalizes $2 Billion Transaction with Tortuga for Playa Properties

Hyatt Hotels Corporation has completed the sale of its Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for approximately $2 billion.

Hyatt Hotels Corporation has announced the completion of the sale of its real estate portfolio, acquired from Playa Hotels & Resorts N.V., to Tortuga Resorts. The transaction, valued at approximately $2 billion, includes 15 all-inclusive properties located in Mexico, the Dominican Republic, and Jamaica. An additional earnout of up to $143 million is possible if specific operational benchmarks are met. Hyatt has also retained $200 million in preferred equity in Tortuga as part of the transaction.

The portfolio initially comprised 15 properties, of which one was sold to a separate buyer for $22 million on September 18, 2025. The remaining properties have now been transferred to Tortuga. Alongside the sale, Hyatt has entered into 50-year management agreements for 13 of the 14 properties with Tortuga, maintaining terms consistent with existing all-inclusive management agreements. The 14th property is under a separate contractual arrangement.

This transaction aligns with Hyatt’s strategy to focus on an asset-light business model. The proceeds from the sale will be used to repay a delayed draw term loan that funded part of the Playa acquisition. Hyatt expects its pro forma net leverage to remain within the thresholds necessary to maintain its investment-grade credit profile.

In connection with the transaction, Hyatt engaged BDT & MSD Partners as its lead financial advisor, Berkadia as real estate advisor, and Latham & Watkins LLP as legal counsel. Tortuga was advised exclusively by Goldman Sachs & Co. LLC, with legal counsel from Simpson Thacher & Bartlett LLP.

Additionally, due to damage from Hurricane Melissa in October 2025, seven Hyatt properties in Jamaica are expected to remain closed until the fourth quarter of 2026. No casualties were reported, but significant property damage was sustained. Hyatt has provided financial assistance to affected employees through the Hyatt Care Fund and other support initiatives.