Hyatt Hotels has completed the sale of its Playa Hotels & Resorts (Playa) real estate portfolio to Tortuga Resorts (Tortuga) for around $2bn.
The sale involves 15 all-inclusive properties situated across the Dominican Republic Jamaica, and Mexico.
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Hyatt, which holds $200m in preferred equity in Tortuga, could receive an additional $143m if certain operational milestones are achieved.
Hyatt had previously sold one property to a third-party buyer for $22m on 18 September 2025. With the closing of the current Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio.
Hyatt and Tortuga have signed 50-year management agreements for 13 of the 14 properties, with terms aligned to Hyatt’s existing all-inclusive management agreements. The final property has a separate contractual arrangement.
Funds generated from the sale will be applied towards repaying the delayed draw term loan that was utilised for the Playa acquisition.
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By GlobalDataHyatt anticipates that its pro forma net leverage will continue to align with the levels necessary to uphold its investment-grade credit profile.
For the transaction, BDT & MSD Partners was Hyatt’s lead financial advisor, while Berkadia provided real estate advisory services and Latham & Watkins served as legal counsel.
For Tortuga, Goldman Sachs & Co was the exclusive financial advisor and Simpson Thacher & Bartlett offered legal counsel.
Seven Hyatt properties in Jamaica will stay closed until late 2026 following damage from Hurricane Melissa in October 2025.
All guests and staff were evacuated safely, and financial assistance was offered through the Hyatt Care Fund as well as further company support, noted the company.
Hyatt Inclusive Collection president Javier Águila said: “This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection. With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence.
“We are deeply grateful to the teams who made this transaction possible. Throughout this process, we’ve seen strong cultural alignment grounded in care between Playa and Hyatt which has been key to achieving this milestone and will help us deliver even more memorable all-inclusive experiences for guests.”
Recently, Hyatt opened the Hyatt Regency Nha Trang, its first branded hotel on Vietnam’s south-central coast.
