Hyatt Hotels Corporation has announced a major move to streamline its business by selling the entire real estate portfolio of Playa Hotels & Resorts for $2 billion. The buyer is Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina. This strategic sale is expected to close before the end of 2025, pending regulatory approvals in Mexico and customary closing conditions.

The portfolio includes 15 all-inclusive resort properties across Mexico, the Dominican Republic, and Jamaica, acquired by Hyatt in June 2025. As part of the deal, Hyatt will enter into long-term, 50-year management agreements with Tortuga for 13 of these resorts, ensuring continued operational control while shifting the capital burden. The remaining two properties have separate agreements in place. Hyatt will retain $200 million in preferred equity, maintaining a significant stake in the business.

This transaction transforms Hyatt’s Playa acquisition into a fully asset-light model, aligning with the company’s focus on fee-based earnings rather than property ownership. Hyatt expects to generate $60 to $65 million in stabilized Adjusted EBITDA by 2027 from the Playa management business, representing a favorable earnings multiple.

Mark Hoplamazian, Hyatt’s CEO, commented: “The planned real estate sale to Tortuga accelerates Hyatt’s asset-light strategy and strengthens our fee-based earnings. We have secured durable management contracts and are confident this deal will deliver accretive value to our shareholders from the very first full year.”

Proceeds from the sale will be used to repay loans associated with the Playa acquisition, maintaining Hyatt’s strong investment-grade credit profile.

This landmark deal was supported by leading advisors, including BDT & MSD Partners and Berkadia for Hyatt, and Goldman Sachs & Co. LLC for Tortuga.