Hyatt agrees USD 2bn sale of Playa Resort real estate, accelerates asset-light strategy

U.S.-based Hyatt Hotels Corporation took a major step in advancing its asset-light strategy by selling Playa Hotels & Resorts’ owned real estate portfolio in Latin America to Mexico-based Tortuga Resorts for USD 2bn. 

Expected to close by the end of 2025, pending regulatory approvals, the deal transforms Hyatt’s recent acquisition of Playa into a fully asset-light investment, significantly enhancing its fee-based earnings and creating greater value for shareholders.

The real estate package includes 15 all-inclusive beachfront resorts located across Mexico, Jamaica, and the Dominican Republic. As part of the agreement, Hyatt and Tortuga will enter into 50-year management contracts for 13 of the properties, with Hyatt continuing to operate them under its established all-inclusive brands. The remaining two assets are under separate contractual arrangements.

In addition to the base price, Hyatt stands to earn up to USD 143mn in performance-based earnouts if certain operating metrics are met. Hyatt will also retain USD 200mn in preferred equity, allowing it to maintain some upside from the assets while securing stable long-term management fees.

The divestment follows Hyatt’s USD 2.6 bn acquisition of Playa Hotels & Resorts, a deal that gave Hyatt control over a premier portfolio of all-inclusive properties, along with Playa’s proven operational platform.

Tortuga Resorts, a joint venture between KSL Capital Partners and Mexican family office Rodina, will expand its presence as a major hospitality real estate player in the Caribbean and Latin America through this transaction. The company is focused on high-end beachfront assets, working with top global brands to deliver luxury hospitality experiences. 

For Hyatt, this move not only reinforces its asset-light business model, but also enhances capital efficiency. Proceeds from the sale will go toward repaying the term loan used in the Playa acquisition, helping maintain the company’s investment-grade credit profile.

Headquartered in Chicago, Hyatt a portfolio of more than 1,450 hotels and all-inclusive properties in 79 countries across six continents as of March 2025.

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