CHICAGO — Hyatt Hotels Corporation has entered into a definitive agreement to sell the entirety of Playa’s owned real estate portfolio, acquired from Playa last month, for US$2 billion to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina.

The transaction is expected to close before the end of 2025 and is subject to regulatory approval in Mexico and other customary closing conditions. Hyatt can achieve up to an additional $143 million earnout if certain operating thresholds are met.

The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the D.R. and Jamaica.

Concurrent with the real estate sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties, with terms consistent with Hyatt’s existing all-inclusive management fee structure, while the remaining two properties are under separate contractual arrangements.

Hyatt will retain $200 million of preferred equity in connection with the real estate transaction.

Following the sale of the real estate portfolio, Hyatt’s net purchase price for Playa’s asset-light management business is approximately $555 million, net of gross proceeds from asset sales.

“The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt’s fee-based earnings,” said Mark Hoplamazian, President and CEO, Hyatt. “Hyatt has secured long-term, durable management agreements and the planned real estate sale demonstrates Hyatt’s commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year.”