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Image Credit Playa Resorts
Playa Hotels & Resorts N.V. has announced an agreement with Hyatt Hotels Corporation, under which Hyatt will acquire all outstanding shares of Playa for $13.50 per share in cash. This deal follows a thorough review process by Playa’s board to identify the best opportunities to increase shareholder value.
Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts, approved the acquisition. He believes this transaction will significantly benefit Playa’s shareholders, guests, employees, and other stakeholders. “Following a comprehensive review of opportunities, the Playa Board concluded that the proposed transaction with Hyatt is in the Company’s best interest,” Wardinski stated.
Wardinski also highlighted the premium offered to Playa’s shareholders, which is 40% more than the company’s unaffected stock price before the disclosure of discussions with Hyatt. The CEO remains confident that this deal will maximize shareholder value.
Playa and Hyatt have a history of successful collaboration, which Wardinski believes has been crucial to Playa’s success. He said, “The transaction is a testament to the strength of our portfolio and management platform, the remarkable dedication of our team, and the incredible value we provide our guests.”
The acquisition will combine Playa’s premier beachfront luxury properties and exceptional resort staff with Hyatt’s world-renowned brand and operational excellence. This partnership is expected to redefine the all-inclusive experience for discerning travelers.
The acquisition is expected to close later this year, pending approval from Playa shareholders and regulatory bodies and the fulfillment of other customary closing conditions. Playa Hotels & Resorts has engaged PJT Partners LP as its financial advisor, with Hogan Lovells and NautaDutilh N.V. serving as its legal counsel.
