Hyatt agrees to sell Playa's owned real estate portfolio to Tortuga for $2.0B

Hyatt Hotels Corp

Sale of 15 all-inclusive resorts for $2.0B cash; up to $143M earnout if operating thresholds met.
Concurrent 50-year management agreements for 13 properties under Hyatt's existing fee structure.
Net purchase price for asset-light management business ~$555M; expects $60-65M stabilized 2027 Adj. EBITDA.
Proceeds to repay Delayed Draw Term Loan; net leverage to remain investment-grade.
Transaction expected to close before end of 2025, subject to Mexico regulatory approval.

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