Hyatt Closes $2 Billion Sale of Playa Real Estate Portfolio to Tortuga
Hyatt Hotels Corporation has completed the sale of the real estate portfolio previously acquired from Playa Hotels & Resorts N.V. to Tortuga Resorts for approximately $2 billion.
Hyatt may receive up to an additional $143 million as an earnout if certain operating thresholds are achieved and has retained $200 million of preferred equity in Tortuga as part of the transaction.
The portfolio initially comprised 15 all-inclusive resorts across Mexico, the Dominican Republic, and Jamaica. One property was sold to a separate third-party buyer on September 18, 2025, for $22 million. With the completion of the Tortuga transaction, Hyatt has now divested the full Playa real estate portfolio for a total of $2 billion.
Alongside the sale, Hyatt and Tortuga have entered into 50-year management agreements for 13 of the 14 remaining properties, aligned with Hyatt’s existing all-inclusive management arrangements. The final property is governed by a separate contractual agreement.
Javier Águila, President of Hyatt’s Inclusive Collection, said the transaction secures long-term management agreements for the resorts and reflects collaboration between Hyatt and Playa teams throughout the process.
Leo Schlesinger, CEO of Tortuga, noted that the transaction supports Tortuga’s expansion across beachfront hospitality markets in Mexico and the Caribbean and strengthens its partnership with Hyatt.
The transaction supports Hyatt’s asset-light strategy and shareholder value objectives. Proceeds will be used to repay the delayed draw term loan that partially financed the Playa acquisition. Hyatt expects its pro forma net leverage to remain within levels consistent with maintaining its investment-grade credit profile.
BDT & MSD Partners acted as Hyatt’s lead financial advisor, with Berkadia 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.
Separately, following damage caused by Hurricane Melissa in October 2025, seven Hyatt properties in Jamaica are expected to remain closed until the fourth quarter of 2026. All guests and employees were safely evacuated, with no reported loss of life. Hyatt has provided financial assistance to affected employees through the Hyatt Care Fund, colleague donations, and direct support. Further details are included in Hyatt’s Form 8-K filed today regarding estimated 2025 financial impacts related to the hurricane.
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