Hyatt agrees to sell Playa's owned real estate to Tortuga for $2.0 billion
Hyatt agreed on June 29, 2025 to sell the owned real estate portfolio it acquired with Playa Hotels & Resorts to Tortuga Resorts, a joint venture of KSL Capital Partners and Rodina, for $2.0 billion in cash plus up to $143 million in contingent consideration. Hyatt will keep Playa's asset-light management business, with a net purchase price of about $555 million and expected stabilized 2027 Adjusted EBITDA of $60 to $65 million, and will use the proceeds to repay a delayed draw term loan. The sale is expected to close before the end of 2025, subject to Mexican regulatory approval.
Key points
- Sale price is $2.0 billion in cash for 15 owned all-inclusive resorts, plus up to $143 million earnout if operating thresholds are met
- Hyatt expects $60 to $65 million of stabilized Adjusted EBITDA in 2027 from the asset-light business, an implied multiple of 8.5x to 9.5x
- Hyatt will manage 13 of the 15 properties under 50-year agreements and retains $200 million of preferred equity
- Closing expected before the end of 2025, subject to approval from Mexico's Economic Competition Federal Law regulator
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 30, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.