Hyatt Hotels Corp (H): M&A transaction — Hyatt Hotels Corporation completes $2.0 billion sale of Playa real estate portfolio to Tortuga

Hyatt Hotels Corp

Hyatt closed the sale of Playa's 15-property portfolio to Tortuga for $2.0 billion, with up to $143 million earnout and $200 million preferred equity retained.
Concurrent with the sale, Hyatt entered into 50-year management agreements for 13 of 14 properties, consistent with its all-inclusive model.
Hurricane Melissa in October 2025 reduced full-year 2025 Adjusted EBITDA outlook for Playa by $10 million at mid-point.
Hyatt expects 2025 Adjusted EBITDA excluding Playa at low end of $1,090-$1,110 million range due to Jamaica cancellations.
The sale proceeds will be used to repay the delayed draw term loan from the Playa acquisition, maintaining investment-grade credit.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

Hyatt Hotels Corp completed a disposition involving TRQ TORTUGA B.V. for all-cash purchase price of $1,977.5 billion, with a $200 million preferred equity investment provided by Hyatt and up to an additional $143 million earnout (closed 2025-12-30).

Action: disposition
Counterparty: TRQ TORTUGA B.V.
Consideration: all-cash purchase price of $1,977.5 billion, with a $200 million preferred equity investment provided by Hyatt and up to an additional $143 million earnout
Closing: 2025-12-30

Exact text from the filing

Original Buyer subsequently assigned the Share Purchase Agreement and its rights thereunder to TRQ TORTUGA B.V., a Dutch private limited liability company (“ Buyer ”). On December 30, 2025, the Asset Sale Transaction closed for an all-cash purchase price of $1,977.5 billion. Buyer financed the acquisition with equity financing from an affiliate of KSL Capital Partners, LLC and Rodina, committed debt financing from third party sources, and a $200 million preferred equity investment provided by Hyatt. In addition, Hyatt can achieve up to an additional $143 million earnout if certain operating thresholds are achieved.

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Source: SEC EDGAR

accession 0001104659-25-125229

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