Hyatt Sells Playa Hotels’ Real Estate Portfolio for $2 Billion

Less than two weeks after the deal officially closed, Hyatt is selling the real estate portfolio that came with the acquisition of Playa Hotels & Resorts.

Hyatt announced Monday that it had reached a deal to sell all of the Playa-owned real estate to Tortuga Resorts, a joint venture between global investor KSL Capital and Rodina, a Mexico City-based family office, for $2 billion.

Once the deal closes, which should be sometime before the end of 2025, Hyatt will still manage 13 of the 15 properties (two of the properties are under separate contractual agreements), but it will no longer own them.

The Tortuga deal essentially transforms the $2.6 billion acquisition of Playa, announced in February, into a $555 million deal for Hyatt to manage the Playa resorts.

Hyatt CEO and President Mark Hoplamazian, in a statement as part of the news, said the Tortuga deal “transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction.”