Hyatt Hotels Corporation has closed the sale of the real estate portfolio previously acquired from Playa Hotels & Resorts to Tortuga Resorts, an investment and asset management platform focused on luxury beach hotels in Mexico and the Caribbean, for approximately 2 billion dollars (equivalent to nearly 1.7 billion euros), as reported by the hotel chain in a statement.
With this operation, Hyatt achieves a completely asset-light (without own real estate assets) regarding the acquisition of Playa, while securing long-term management agreements for the majority of the establishments. The portfolio in question originally included 15 all-inclusive resorts located in Mexico, the Dominican Republic and Jamaica. Hyatt sold one of these properties to an independent third party on September 18, 2025 for $22 million (€18.7 million). Adding both operations, the total raised from the entire sale of the portfolio reaches 2,000 million dollars (1,700 million euros).
Hyatt will be able to earn up to an additional $143 million (€121.9 million) in dividend earnings if certain operating thresholds are met, and has retained $200 million (€170.6 million) in equity preferred in Tortuga as part of the transaction. In parallel with the real estate sale, Hyatt and Tortuga have signed 50-year management agreements for 13 of the portfolio’s remaining 14 properties (the latter is subject to a separate contractual arrangement), with terms aligned to Hyatt’s existing all-inclusive management agreements. “This closing represents the culmination of a transformative transaction for Hyatt’s Inclusive Collection,” said Javier Águila, president of Hyatt’s Inclusive Collection, in the statement.
The operation reinforces Hyatt’s commitment to its business model asset-light and with the creation of value for shareholders. The proceeds will primarily be used to repay the deferred term loan that partially financed the Playa acquisition, and the company expects its pro forma net leverage to remain within levels required to maintain its investment grade credit rating.
In connection with the transaction, BDT & MSD Partners acted as lead financial advisor to Hyatt, Berkadia as real estate advisor and Latham & Watkins LLP as legal advisor. Goldman Sachs & Co. LLC was the exclusive financial advisor to Tortuga, with Simpson Thacher & Bartlett LLP as legal advisor.
Additionally, the company reported that due to damage caused by Hurricane Melissa in October 2025, seven Hyatt properties in Jamaica will remain closed through the fourth quarter of 2026. All guests and employees were safely evacuated and there was no loss of life, although many associates suffered extensive damage to their properties. Hyatt has provided financial assistance to affected employees through the Hyatt Care Fund, donations from colleagues and direct company support.
