Hyatt Hotels Corporation has announced the sale of the real estate portfolio acquired through its recent acquisition of Playa Hotels & Resorts. The $2 billion transaction transfers ownership of 15 all-inclusive resort properties to Tortuga Resorts, a newly formed joint venture between KSL Capital Partners and an affiliate of the global investment firm Rodina.
Transaction details
- Sale value: $2.0 billion
- Buyer: Tortuga Resorts (KSL Capital Partners and Rodina affiliate)
- Properties: 15 all-inclusive resorts
- Locations: Mexico, the Dominican Republic, Jamaica
- Closing date: Expected Q3 2025
Hyatt acquired Playa Hotels & Resorts earlier in June 2025 for approximately $2.6 billion. This sale is part of Hyatt’s strategy to operate as an asset-light hospitality company.
Management and strategic impact
- Hyatt retains long-term management agreements for all 15 properties
- 13 under Hyatt’s standard franchise fee structure
- 2 under alternative fee models
- Management agreement term: 50 years
- Hyatt receives:
- $200 million in preferred equity in Tortuga Resorts
- Up to an additional $143 million earnout if certain operating thresholds are met
This transaction allows Hyatt to reduce net debt from the Playa acquisition, maintain control of resort operations, and increase fee-based earnings, advancing its goal of 90% asset-light earnings by 2027. Hyatt will continue expanding in the all-inclusive segment while managing the resorts under its Inclusive Collection brands.
