Playa Hotels & Resorts sells the Capri Hotel to a third party for $55m. Credit: Ra’anan Niss.

Playa Hotels & Resorts has agreed to divest the Capri Hotel for a total cash consideration of $55m.

The developer has reached a binding agreement with an undisclosed third party.

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Capri Hotel will undergo renovation and be repositioned for reopening. Playa Hotels & Resorts seeks to implement a management contract to operate the resort.

Additionally, the third party has plans to sign a franchise agreement with an internationally known brand after the conclusion of the deal.

In a separate development, the company has also signed a hotel management agreement with the same third party for a luxury hotel in Mexico’s Riviera Cancun region.

The 438-room Hyatt Ziva Riviera Cancun hotel is located between Playa del Carmen and the Cancun Hotel Zone.

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It is currently under renovation and would open during the third quarter of 2021.

The hotel will feature globally inspired and locally authentic restaurants, swimming pools, fitness centre with advanced amenities and more.

Playa Hotels & Resorts chairman and CEO Bruce Wardinski said: “These management contracts are a capital-light step forward on our path to operating a fully branded portfolio of all-inclusive resorts.

“We are looking forward to working with our new owner partner and once the resorts reopen, we will focus on what we do best: deliver unparalleled Service from the Heart.”

Playa Hotels & Resorts EVP and chief development officer Fernando Mulet added: “These resorts are high quality additions to our exceptional portfolio of managed resorts that will further leverage our existing infrastructure and expertise.”

The closing of Capri Hotel sale is dependent on fulfilling the customary closing conditions. It is expected to be completed in the second quarter of this year.

However, the company noted that there is no certainty on the completion of this deal. It follows the sale of Dreams Puerto Aventuras in February.