CHICAGO, Illinois—Hyatt Hotels Corporation announced the closing of the sale of the real estate portfolio previously acquired from Playa Hotels & Resorts N.V. to Tortuga Resorts for approximately $2 billion. Hyatt can achieve up to an additional $143 million earnout if certain operating thresholds are met, and the company has retained $200 million of preferred equity in Tortuga in connection with the transaction.
The real estate portfolio originally involved 15 all-inclusive properties located across Mexico, the Dominican Republic, and Jamaica. As previously disclosed, Hyatt sold one of these properties to a separate third-party buyer on September 18, 2025, for $22 million. Between the completion of this earlier sale and the Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio for a total of $2 billion. Concurrent 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. The remaining property is subject to a separate contractual arrangement.
Sale Details
“This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection,” said Javier Águila, president, Inclusive Collection, Hyatt. “With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence. We are deeply grateful to the teams who made this transaction possible. Throughout this process, we’ve seen strong cultural alignment grounded in care between Playa and Hyatt, which has been key to achieving this milestone and will help us deliver even more memorable all-inclusive experiences for guests.”
“The completion of this transaction marks a defining moment, establishing Tortuga as a scaled, leading platform in luxury beachfront hospitality across Mexico and the Caribbean,” said Leo Schlesinger, chief executive officer of Tortuga. “We are excited to deepen our partnership with Hyatt and to work closely with our brand partners, property teams, and investors to unlock new opportunities for growth. Together, we will leverage our reach and capabilities to create unforgettable experiences for the guests and communities we serve and deliver long-term value for all stakeholders.”
Proceeds from the real estate sale will be used to repay the delayed draw term loan that funded a portion of the Playa acquisition, and Hyatt expects pro forma net leverage to remain consistent with thresholds necessary to maintain its investment-grade credit profile.
In connection with the transaction, BDT & MSD Partners served as Hyatt’s lead financial advisor, with Berkadia serving as real estate advisor and Latham & Watkins LLP as legal counsel. Goldman Sachs & Co. LLC served as exclusive financial advisor to Tortuga, with Simpson Thacher & Bartlett LLP as legal counsel.
As a result of damage from Hurricane Melissa in October 2025, seven Hyatt properties in Jamaica are expected to remain closed until the fourth quarter of 2026. All guests and colleagues were safely evacuated, and no loss of life occurred; however, many colleagues experienced extensive property damage. Financial assistance has been provided to colleagues in Jamaica through the Hyatt Care Fund, donations from Hyatt colleagues, and direct financial support from Hyatt.