Latest news with #Playa
Yahoo
10-07-2025
- Business
- Yahoo
Acai bowl shop opens fifth central Ohio location
COLUMBUS, Ohio (WCMH) — A tropical chain known for juices and acai bowls has opened another central Ohio location. Playa Bowls is now welcoming customers at 1515 Gemini Place near Polaris Fashion Place after hosting a grand opening celebration on May 24. The Polaris spot marks the brand's fifth in central Ohio, with other locations in Dublin at 6704 Perimeter Loop Road, New Albany at 5765 N. Hamilton Road, and near Ohio State University at 1952 N. High St. Disease affecting central Ohio strawberries The New Jersey-based chain opened its fourth Columbus-area storefront in Quarry Trails at 2193 Quarry Trails Drive in March 2024. Watch a previous NBC4 report on the Quarry Trails location in the video player above. Guests at Playa can pick from an extensive menu of bowls or customize their own. They can choose from a variety of blends made with acai, pitaya, coconut, kale, banana, oatmeal and mango. Toppings, such as fresh-cut fruits, seeds, nuts, granola, dried berries and nut butter, are also available as add-ons. The bowl shop also offers a selection of juices, smoothies, cold brews and other grab and go items. Playa's bowls can be made vegan or gluten-free, and can be adapted to integrate into Whole30, Keto and Paleo diets, its website states. Top places to find TikTok-famous Dubai chocolate treats in Columbus Playa started in Belmar, New Jersey, before expanding with more than 300 locations nationwide. The smoothie chain opened 74 stores in 2024 and 13 in the first quarter of 2025, with an additional 90-plus shops set to open before year's end and more than 350 units in the development pipeline. Along with its five Columbus-area locations, the chain operates other Ohio storefronts in Dayton, Loveland and Springboro. The Polaris shop is open 8 a.m. to 8 p.m. daily, according to its website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Skift
30-06-2025
- Business
- Skift
Hyatt to Sell Playa's Real Estate Portfolio
The DJIA rose 276 points while the Nasdaq was up 96, the S&P 500 rose 32 points and the 10-year treasury yield was down .05 to 4.23% but lodging stocks were mostly lower. SOND continued its surge, up another 19% but SOHO is now down below $1 again, down -5%. Hyatt Hotels Corporation has entered into a definitive agreement to sell the entirety of Playa's owned real estate portfolio, acquired from Playa on June 17, 2025, for $2.0 billion to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. Hyatt can achieve up to an additional $143 million earn-out if certain operating thresholds are met. The real estate transaction is expected to close before the end of 2025 and is subject to regulatory approval in Mexico and other customary closing conditions. The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica. Concurrent with the real estate sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties, with terms consistent with Hyatt's existing all-inclusive management fee structure, while the remaining two properties are under separate contractual arrangements. Hyatt will retain $200 million of preferred equity in connection with the real estate transaction. In connection with the transaction, BDT & MSD Partners are acting as lead financial advisor to Hyatt, with Berkadia serving as Hyatt's real estate advisor. Latham & Watkins LLP is Hyatt's legal advisor. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Tortuga, and Simpson Thacher & Bartlett LLP is acting as Tortuga's legal advisor. Analysts were positive on this Hyatt/Playa property deal, although there seems to be confusion about what it means. Just a sample, but Truist said this deal gives Hyatt the potential accretion of $8 a share, while Barclays said it worked out to $4 to $5 NPV per share. We couldn't find any analysts who did not think this was positive, and for us, it showed there are still buyers out there for hotels and real estate. Hyatt is debuting its Hyatt Centric brand in Canada with its first property in Montreal. The Hyatt Centric Ville-Marie Montreal has 177 guestrooms, including 5 suites; a restaurant, terrace, and private dining room; a fitness space; 5,000 square feet of meeting and event space; and a rooftop pool, is opening this summer. The Hyatt Place at Mount Pleasant Towne Center, in Mount Pleasant, South Carolina, has changed hands for $17.9 million. The 92-room, six-story property is between the Belk department store and the Regal Cinemas movie theater. Its amenities include an indoor pool, outdoor patio with bar access, and dining. The shop-and-stay Hyatt was built under the ownership of OTV Towne Centre LLC. It was developed by Four17 Partners and is managed by Raines Hospitality. Public property records show the new owner is C.H. McEntire Real Estate LLC. AD1 Hospitality welcomed the 112-room TownePlace Suites Raleigh-Durham Airport/Morrisville to its growing managed portfolio. The TownePlace Suites by Marriott Venture Oxnard has opened in Oxnard, California. The 121-suite property is managed by DKN Hotels. The property features a fitness center, a sports court, an outdoor courtyard and Weber grills, an outdoor game area, guest laundry, a market, an outdoor pool, and 365 square feet of functional meeting space. Stonebridge has added The MC Hotel, Autograph Collection in Montclair, New Jersey, to its expanding portfolio. In tandem, Stout NYC Hospitality Group has been named the exclusive food and beverage operator for the property, marking its official expansion into New Jersey. The eight-story, 159-room lifestyle hotel, owned in partnership with CSP MC Partners LLC, boasts over 8,000 square feet of flexible meeting space. Stout NYC Hospitality Group now operates Alto Rooftop, the only rooftop in Montclair, and Allegory Restaurant & Bar. Both venues are set to undergo significant renovations and rebranding in collaboration with hotel ownership later this year, including the launch of a new coastal Mediterranean concept adjacent to the hotel. Alpharetta, Georgia's newest hotel, Fairfield Inn & Suites Alpharetta - Avalon Area, is now open. The property features 166 guestrooms, a fitness center, and free onsite parking. Hotel Bourre Bonne, Curio Collection by Hilton, is now open in the heart of downtown Louisville, Kentucky. Developed by Nick Campisano and the team at Zyyo, the hotel features 168 guestrooms, world-class dining, and a first-of-its-kind rooftop bar, pool, restaurant, and over 7,000 square feet of flexible meeting space, including two boardrooms and a ballroom. The property is managed by Driftwood Hospitality Management. voco The Shelby - Myrtle Beach officially opens today, marking the brand's first property in South Carolina. voco The Shelby features 241 guestrooms and suites, an all-day restaurant and bar, over 1,300 square feet of flexible event space, and a lazy river and pool that comprise The Shelby Beach Club. Kimpton Hotel Palomar Phoenix, located in the downtown dining and entertainment hub CityScape, began a renovation of all 242 guestrooms, including 27 suites. The $5.5 million project is expected to be completed by September. Rooms will be renovated floor by floor and the hotel will remain open during the summer. The hotel, its Blue Hound Kitchen & Cocktails restaurant, rooftop pool, and rooftop Eden Bar will be open during the renovation. The Sage Investment Group has purchased the Studio 6 hotel in Mountlake Terrace, Washington, closing a $12.1 million sale. Sage plans to convert the current three-level, 119-room property into 120 studio apartment units by next year, according to The Puget Sound Business Journal. SIG is preparing to break ground in the next six to eight months and expects the construction costs to be between $3.8 million and $4.5 million. Rentyl Resorts has been named the exclusive hospitality partner and property manager for the retail environment of Miami Worldcenter - a $6 billion, 27-acre mixed-use destination in the heart of downtown Miami. As part of this long-term collaboration, Rentyl Resorts will oversee retail property management and guest experience operations at Miami Worldcenter while integrating its full-service national hospitality platform across the project's residential, resort, and lifestyle offerings. Plamondon Hospitality Partners announced the acquisition of a critical parcel of land in downtown Frederick, Maryland, marking a transformative step forward in realizing the vision for their full-service hotel and conference center. The land was previously owned by the Randall family. While the full site plan includes restoration of the Trolley Building and repurposing of the Eagles Building, Plamondon's land purchase does not include those structures, both of which are owned and managed by the Randall family. Once a trolley station, the building at 200 E Patrick Street is being redeveloped as a mixed-use commercial space, with completion expected in 2026. Meanwhile, the former home of the Fraternal Order of the Eagles, will become The Banyan, a new restaurant, event venue, and rooftop bar. The newly acquired land surrounding these sites will house the hotel and conference center footprint, making them integral to the broader redevelopment vision. The Breakwater Inn, in Kennebunkport, Maine, will reopen on July 1, 2025, following a complete renovation of its harbor-side guestrooms and the debut of a brand-new restaurant and bars. The renovation has refreshed each guestroom in the 15-unit Harbor Building. The original Inn Building, featuring 20 waterfront guestrooms, most with private decks, has also been refreshed. The property offers versatile indoor and outdoor settings with event rooms, buyout options, multiple bars, and tented setups. VIP Hospitality Operations announced the Sylvia Beach Hotel, located in Newport, Oregon, will reopen the hotel next week as The Hotel Sylvia. The remodeled, rebranded, and spanking new 112-year-old oceanfront, four-story hotel features a new Café Sylvia and, keeping with its literary theme, mini-libraries throughout the hotel, including in the new lobby lounge, in a new nook downstairs, and a reading area in the attic, plus bookshelves in each of the guestrooms. The 9 Group has pitched new plans for a 17-story hotel in the Gulch neighborhood of Nashville, Tennessee. The company is leading the development of the hotel, which will offer 186 hotel rooms, ground-level restaurant and retail space, and an underground parking garage, according to documents submitted to the Metropolitan Development and Housing Agency's Design Review Committee. No hotel brand was indicated in the documents. Valor Hospitality Partners announced its official expansion into the Caribbean market through a strategic partnership with Cove Bay Developments. The collaboration marks Valor's first Caribbean venture and includes the management of Plymouth Peninsula Tobago, a flagship luxury destination set to open on Tobago's northern coast in 2027. Designed and developed by Cove Bay Developments, Plymouth Peninsula Tobago will feature a collection of luxury apartments available for purchase with managed rental opportunities for owners, alongside a range of immersive hospitality offerings. Valor's food and beverage arm, SAVOR, will curate destination-worthy dining concepts, including signature restaurants and a beach club. Wellness experiences, curated guest service, and thoughtful programming rooted in Trinidad and Tobago's cultural identity will round out the development's offerings. Europe Highlights Just a few years ago, Goldman Sachs had ambitions to create a hotel brand in Greece that could one day expand to spots around the Mediterranean. The company bought three seaside resorts in northern Greece in 2022, with plans to spruce them up and start welcoming guests as soon as this year. This spring, Goldman abruptly sold the three hotels, barely breaking even on the roughly €100 million it had invested in the project, according to people familiar with the matter. It also pulled the plug on its plans for a hotel brand in the region. The firm sold the hotels to Sani/Ikos Group, a privately held company. The new owner of the hotels announced a more than 400 million euro investment in the project. The properties will feature nearly 750 rooms, multiple pools, more than 30 restaurants and bars, theaters, and spas. The hotels are scheduled to open in 2029.
Yahoo
30-06-2025
- Business
- Yahoo
Hyatt Announces Agreement to Sell Playa's Owned Real Estate Portfolio to Tortuga for $2.0 Billion
CHICAGO, June 30, 2025--(BUSINESS WIRE)--Hyatt Hotels Corporation (the "Company") (NYSE: H) announced today that it has entered into a definitive agreement to sell the entirety of Playa's owned real estate portfolio, acquired from Playa on June 17, 2025, for $2.0 billion to Tortuga Resorts ("Tortuga"), a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. Hyatt can achieve up to an additional $143 million earnout if certain operating thresholds are met. The real estate transaction is expected to close before the end of 2025 and is subject to regulatory approval in Mexico and other customary closing conditions. The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica. Concurrent with the real estate sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties, with terms consistent with Hyatt's existing all-inclusive management fee structure, while the remaining two properties are under separate contractual arrangements. Hyatt will retain $200 million of preferred equity in connection with the real estate transaction. Following the sale of the real estate portfolio, Hyatt's net purchase price for Playa's asset-light management business is approximately $555 million, net of gross proceeds from asset sales. Hyatt expects to earn $60 to $65 million of stabilized Adjusted EBITDA in 2027, inclusive of earnings from Unlimited Vacation Club and ALG Vacations, representing an implied multiple of 8.5x – 9.5x. The implied multiple would be further improved to the extent the earnout conditions are met. "The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt's fee-based earnings," said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. "Hyatt has secured long-term, durable management agreements and the planned real estate sale demonstrates Hyatt's commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year." Upon completion of the real estate sale, Hyatt is required to use the proceeds to repay the delayed draw term loan used to fund a portion of the Playa acquisition and expects pro forma net leverage to be consistent with thresholds necessary to maintain its investment-grade credit profile. A supplemental presentation with additional information about the planned transaction is attached to the Form 8-K filed today, and is available on Hyatt's Investor Relations website, under the "Financials" section. In connection with the transaction, BDT & MSD Partners is acting as lead financial advisor to Hyatt, with Berkadia serving as Hyatt's real estate advisor. Latham & Watkins LLP is Hyatt's legal advisor. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Tortuga, and Simpson Thacher & Bartlett LLP is acting as Tortuga's legal advisor. The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. For further information: About Hyatt Hotels Corporation Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company's portfolio included more than 1,450 hotels and all-inclusive properties in 79 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, Alua Hotels & Resorts®, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. About Tortuga Resorts Tortuga Resorts was established to create the leading ownership company for premium beachfront resorts throughout top destinations in the Caribbean and Latin America. Tortuga Resorts' current portfolio consists of 8 premier beach resorts, with approximately 2,900 rooms across 3 world-class destinations. Tortuga Resorts was formed by KSL Capital Partners, LLC, a leading global investor in travel and leisure businesses, and Rodina, a family office based in Mexico City with experience across various industries including hospitality, infrastructure, and technology. Forward-Looking Statements Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company, Playa, the proposed Asset Sale Transaction, the expected timeline for completing the Asset Sale Transaction; 2027 stabilized Adjusted EBITDA estimates for Playa's asset-light management business, expected pro forma net leverage following completion of the Asset Sale Transaction, and expected outcomes of the proposed Asset Sale Transaction and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the effects that the announcement or pendency of the proposed Asset Sale Transaction may have on us, the occurrence of any event, change or other circumstance that could give rise to the termination of the Share Purchase Agreement; the effects that any termination of the Share Purchase Agreement may have on us or our business; failure to successfully complete the proposed Asset Sale Transaction; legal proceedings that may be instituted related to the proposed Asset Sale Transaction; significant and unexpected costs, charges or expenses related to the proposed Asset Sale Transaction; inability to obtain regulatory or governmental approvals or to obtain such approvals on satisfactory conditions, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. HHC-FIN View source version on Contacts For further information: Hyatt Media Contact: Franziska Hyatt Investor Contacts: Adam Ryan Tortuga Media Contact: Kate Thompson / Erik Carlson / Kate KelleyJoele Frank, Wilkinson Brimmer KatcherTortuga-JF@ Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Business Wire
30-06-2025
- Business
- Business Wire
Hyatt Announces Agreement to Sell Playa's Owned Real Estate Portfolio to Tortuga for $2.0 Billion
CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (the 'Company') (NYSE: H) announced today that it has entered into a definitive agreement to sell the entirety of Playa's owned real estate portfolio, acquired from Playa on June 17, 2025, for $2.0 billion to Tortuga Resorts ('Tortuga'), a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. Hyatt can achieve up to an additional $143 million earnout if certain operating thresholds are met. The real estate transaction is expected to close before the end of 2025 and is subject to regulatory approval in Mexico and other customary closing conditions. 'The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt's fee-based earnings,' said Mark Hoplamazian, President and Chief Executive Officer, Hyatt The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica. Concurrent with the real estate sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties, with terms consistent with Hyatt's existing all-inclusive management fee structure, while the remaining two properties are under separate contractual arrangements. Hyatt will retain $200 million of preferred equity in connection with the real estate transaction. Following the sale of the real estate portfolio, Hyatt's net purchase price for Playa's asset-light management business is approximately $555 million, net of gross proceeds from asset sales. Hyatt expects to earn $60 to $65 million of stabilized Adjusted EBITDA in 2027, inclusive of earnings from Unlimited Vacation Club and ALG Vacations, representing an implied multiple of 8.5x – 9.5x. The implied multiple would be further improved to the extent the earnout conditions are met. 'The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt's fee-based earnings,' said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. 'Hyatt has secured long-term, durable management agreements and the planned real estate sale demonstrates Hyatt's commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year.' Upon completion of the real estate sale, Hyatt is required to use the proceeds to repay the delayed draw term loan used to fund a portion of the Playa acquisition and expects pro forma net leverage to be consistent with thresholds necessary to maintain its investment-grade credit profile. A supplemental presentation with additional information about the planned transaction is attached to the Form 8-K filed today, and is available on Hyatt's Investor Relations website, under the 'Financials' section. In connection with the transaction, BDT & MSD Partners is acting as lead financial advisor to Hyatt, with Berkadia serving as Hyatt's real estate advisor. Latham & Watkins LLP is Hyatt's legal advisor. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Tortuga, and Simpson Thacher & Bartlett LLP is acting as Tortuga's legal advisor. The term 'Hyatt' is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. For further information: About Hyatt Hotels Corporation Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company's portfolio included more than 1,450 hotels and all-inclusive properties in 79 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt ®, Alila ®, Miraval ®, Impression by Secrets, and The Unbound Collection by Hyatt ®; the Lifestyle Portfolio, including Andaz ®, Thompson Hotels ®, The Standard ®, Dream ® Hotels, The StandardX, Breathless Resorts & Spas ®, JdV by Hyatt ®, Bunkhouse ® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry ® Wellness & Spa Resorts, Hyatt Ziva ®, Hyatt Zilara ®, Secrets ® Resorts & Spas, Dreams ® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape ® Resorts & Spas, Alua Hotels & Resorts ®, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt ®, Hyatt Regency ®, Destination by Hyatt ®, Hyatt Centric ®, Hyatt Vacation Club ®, and Hyatt ®; and the Essentials Portfolio, including Caption by Hyatt ®, Hyatt Place ®, Hyatt House ®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. About Tortuga Resorts Tortuga Resorts was established to create the leading ownership company for premium beachfront resorts throughout top destinations in the Caribbean and Latin America. Tortuga Resorts' current portfolio consists of 8 premier beach resorts, with approximately 2,900 rooms across 3 world-class destinations. Tortuga Resorts was formed by KSL Capital Partners, LLC, a leading global investor in travel and leisure businesses, and Rodina, a family office based in Mexico City with experience across various industries including hospitality, infrastructure, and technology. Forward-Looking Statements Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company, Playa, the proposed Asset Sale Transaction, the expected timeline for completing the Asset Sale Transaction; 2027 stabilized Adjusted EBITDA estimates for Playa's asset-light management business, expected pro forma net leverage following completion of the Asset Sale Transaction, and expected outcomes of the proposed Asset Sale Transaction and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the effects that the announcement or pendency of the proposed Asset Sale Transaction may have on us, the occurrence of any event, change or other circumstance that could give rise to the termination of the Share Purchase Agreement; the effects that any termination of the Share Purchase Agreement may have on us or our business; failure to successfully complete the proposed Asset Sale Transaction; legal proceedings that may be instituted related to the proposed Asset Sale Transaction; significant and unexpected costs, charges or expenses related to the proposed Asset Sale Transaction; inability to obtain regulatory or governmental approvals or to obtain such approvals on satisfactory conditions, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. HHC-FIN
Business Wire
17-06-2025
- Business
- Business Wire
Hyatt Strengthens Leadership in All-Inclusive Segment with Acquisition of Playa Hotels & Resorts N.V.
CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) today announced the completed acquisition of Playa Hotels & Resorts N.V. (NASDAQ: PLYA), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic and Jamaica. This transaction includes the acquisition of 15 all-inclusive resorts previously managed and owned by Playa. Of these, eight were already represented within Hyatt's system as Hyatt Ziva and Hyatt Zilara properties. As part of the transaction, Hyatt expands its all-inclusive portfolio with the addition of several resorts located in premier beach destinations, including Secrets La Romana and Dreams La Romana in the Dominican Republic; Dreams Rose Hall in Montego Bay, Jamaica; and Hyatt Vivid Playa del Carmen and Sunscape Cancun in Mexico. 'As we welcome Playa into the Hyatt family, we are strengthening our leadership in the all-inclusive space through a combination of new locations, capabilities, and talent,' said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. 'Playa's all-inclusive management platform complements Hyatt's global scale and brand strength, enabling us to deliver compelling experiences for guests and members while driving strong performance for owners.' Hyatt's all-inclusive growth journey began in collaboration with Playa in 2013 with the launch of the Hyatt Ziva and Hyatt Zilara brands and accelerated with the transformative acquisition of Apple Leisure Group in 2021. In 2024, Hyatt further expanded its portfolio through a strategic joint venture with Grupo Piñero for Bahia Principe Hotels & Resorts. The acquisition of Playa solidifies Hyatt's position as a leading provider of all-inclusive travel experiences. ' We're thrilled to welcome the Playa team into the Hyatt family – a move that not only strengthens our position as a global leader in all-inclusive, but also builds on our momentum in the segment,' said Javier Águila, President, Inclusive Collection, Hyatt. 'Spending time with the Playa team over the past several months has confirmed a deep cultural alignment and shared commitment to excellence. Hyatt's loyalty program, World of Hyatt, and all-inclusive distribution platform, which includes ALG Vacations and Unlimited Vacation Club, are complimented by Playa's commercial capabilities and together, we're ready to shape the future of all-inclusive travel.' 'Playa has spent nearly two decades building a reputation for delivering outstanding all-inclusive experiences,' said Bruce Wardinski, departing Chairman & CEO, Playa Hotels & Resorts. 'This acquisition is a natural evolution of our longstanding relationship with Hyatt, and we're confident these outstanding resorts will continue to flourish under its leadership.' Hyatt intends to provide additional financial information about the transaction during the second quarter 2025 earnings conference call. In connection with the transaction, BDT & MSD Partners served as lead financial advisor to Hyatt, with Berkadia serving as Hyatt's real estate advisor. Latham & Watkins LLP acted as Hyatt's legal advisor. For more information on Hyatt's Inclusive Collection portfolio, visit The term 'Hyatt' is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. For further information: About Hyatt Hotels Corporation Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company's portfolio included more than 1,450 hotels and all-inclusive properties in 79 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt ®, Alila ®, Miraval ®, Impression by Secrets, and The Unbound Collection by Hyatt ®; the Lifestyle Portfolio, including Andaz ®, Thompson Hotels ®, The Standard ®, Dream ® Hotels, The StandardX, Breathless Resorts & Spas ®, JdV by Hyatt ®, Bunkhouse ® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry ® Wellness & Spa Resorts, Hyatt Ziva ®, Hyatt Zilara ®, Secrets ® Resorts & Spas, Dreams ® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape ® Resorts & Spas, Alua Hotels & Resorts ®, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt ®, Hyatt Regency ®, Destination by Hyatt ®, Hyatt Centric ®, Hyatt Vacation Club ®, and Hyatt ®; and the Essentials Portfolio, including Caption by Hyatt ®, Hyatt Place ®, Hyatt House ®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. Forward-Looking Statements Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's acquisition of Playa Hotels & Resorts, including expected financial and operational benefits resulting from the acquisition, guest, member, and owner advantages arising from the acquisition, the Company's plans for rebranding properties acquired as part of the acquisition, integration of the acquisition, and the Company's plans, strategies, outlook, prospective or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; legal proceedings that may be instituted related to the Playa acquisition; significant and unexpected costs, charges or expenses related to the Playa acquisition; risks associated with potential divestitures, including of Playa real estate or business and our ability to finalize an agreement to sell Playa's owned real estate on favorable terms or at all; ability or failure to successfully integrate the acquisition with existing operations; ability to realize anticipated synergies of the Playa acquisition or obtain the results anticipated; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. HHC-FIN
