Hyatt Hotels announced it has closed the sale of the owned real estate portfolio it previously acquired from Playa Hotels & Resorts N.V. to Tortuga Resorts for approximately $2 billion, completing what the company described as a fully asset-light transaction for the Playa portfolio.
Under the terms disclosed by Hyatt, the company can earn up to an additional $143 million based on certain operating thresholds and has retained $200 million of preferred equity in Tortuga as part of the transaction. The portfolio initially comprised 15 all-inclusive properties across Mexico, the Dominican Republic, and Jamaica. Hyatt previously sold one of those properties to a separate third-party buyer on September 18, 2025, for $22 million. With the closing of the Tortuga transaction, Hyatt said it has now sold the entire Playa real estate portfolio for a total of $2 billion.
Alongside the sale, Hyatt and Tortuga entered into 50-year management agreements covering 13 of the 14 properties included in the portfolio at closing, with terms consistent with Hyatt’s existing all-inclusive management agreements. Hyatt said the remaining property is subject to a separate contractual arrangement.
Hyatt said proceeds from the real estate sale will be used to repay the delayed draw term loan that funded a portion of the Playa acquisition, and the company expects pro forma net leverage to remain consistent with thresholds it believes are necessary to maintain its investment-grade credit profile.
Hyatt also disclosed that, following damage from Hurricane Melissa in October 2025, seven Hyatt properties in Jamaica are expected to remain closed until the fourth quarter of 2026. Hyatt said all guests and colleagues were safely evacuated with no loss of life, and that the company has provided financial assistance to impacted colleagues through the Hyatt Care Fund, colleague donations, and direct financial support. Hyatt directed investors to a Form 8-K filed on the closing date for an update on estimated 2025 financial impacts related to the hurricane.
Support: BDT & MSD Partners served as Hyatt’s lead financial advisor, with Berkadia acting as real estate advisor and Latham & Watkins LLP as legal counsel. Goldman Sachs & Co. LLC served as exclusive financial advisor to Tortuga, with Simpson Thacher & Bartlett LLP as legal counsel.
KEY QUOTES:
“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.”
Javier Águila, President, Inclusive Collection, Hyatt
“The completion of this transaction marks a defining moment, establishing Tortuga as a scaled, leading platform in luxury beachfront hospitality across Mexico and the Caribbean. We are excited to deepen our partnership with Hyatt and to work closely with our brand partners, property teams and investors to unlock new opportunities for growth. Together, we will leverage our reach and capabilities to create unforgettable experiences for the guests and communities we serve and deliver long-term value for all stakeholders.”
Leo Schlesinger, CEO, Tortuga
