Hyatt Hotels has completed the $2 billion sale of the Playa Hotels & Resorts real estate portfolio, according to a company release.
Hyatt acquired the real estate portfolio — comprising 15 all-inclusive properties across Mexico, the Dominican Republic and Jamaica — last year as part of its $2.6 billion acquisition of the Playa Hotels & Resorts brand. Hyatt sold one of the Playa resorts to a separate third-party buyer for $22 million in September and has now completed the sale of the remaining 14 properties to Tortuga Resorts in a deal first announced in June.
In line with the real estate sale, Hyatt and Tortuga have entered into 50-year management agreements for 13 of the 14 properties in the portfolio, with terms consistent with Hyatt’s existing all-inclusive management agreements, per the release.
The real estate sale “demonstrates Hyatt’s commitment to its asset-light business model,” according to the company, which has been focused on this strategy for the last several years.
Meanwhile, the recent closing “marks a defining moment” for Tortuga, establishing the brand “as a scaled, leading platform in luxury beachfront hospitality across Mexico and the Caribbean,” Tortuga Resorts CEO Leo Schlesinger said in the release. Schlesinger was appointed to the role last month to usher in Tortuga Resorts’ next phase of strategic growth.
Tortuga Resorts is a joint venture between an affiliate of Denver-based KSL Capital Partners and Mexico City-based investment firm Rodina.
