Hyatt Completes $2 Billion Sale of Playa Real Estate Portfolio to Tortuga, Secures Long-Term Management Agreements
Hyatt Hotels Corporation announced today the successful closing of its sale of the real estate portfolio it had previously acquired from Playa Hotels & Resorts N.V. to Tortuga Resorts, a premier real estate and asset management platform specializing in luxury beachfront hospitality across Mexico and the Caribbean. The transaction was valued at approximately $2 billion, with Hyatt positioned to earn an additional $143 million contingent upon achieving certain operating targets. As part of the deal, Hyatt also retains $200 million of preferred equity in Tortuga.
The portfolio involved 15 all-inclusive resorts spanning key destinations in Mexico, the Dominican Republic, and Jamaica. Earlier this year, Hyatt completed the sale of one property from this portfolio to a separate third-party buyer for $22 million, leaving the remaining assets to be sold to Tortuga. With the completion of these transactions, Hyatt has divested the entirety of its Playa real estate holdings while maintaining a continued operational presence through management agreements.
Concurrent with the real estate sale, Hyatt and Tortuga entered into long-term, 50-year management agreements covering 13 of the 14 properties involved in the transaction, with terms aligned with Hyatt’s existing all-inclusive management contracts. The remaining property is subject to a distinct contractual arrangement. These agreements ensure that Hyatt continues to operate the resorts under its renowned Inclusive Collection brand, preserving the company’s high standards of service and guest experience.
“This closing represents a transformative moment for Hyatt’s Inclusive Collection,” said Javier Águila, President of the Inclusive Collection at Hyatt. “Through this transaction, we have secured long-term management agreements for a portfolio of exceptional resorts, reinforcing our commitment to operational excellence. The collaboration between Hyatt and Playa has been rooted in shared values and a culture of care, which has been instrumental in achieving this milestone. This alignment will enable us to deliver even more memorable all-inclusive experiences for our guests.”
Leo Schlesinger, CEO of Tortuga, described the acquisition as a pivotal step in establishing the company as a leading platform in luxury beachfront hospitality across the region. “The completion of this transaction marks a defining moment for Tortuga,” he said. “We are thrilled to deepen our partnership with Hyatt and to work closely with brand partners, property teams, and investors to unlock new growth opportunities. Together, we aim to create unforgettable experiences for guests and local communities while delivering long-term value for all stakeholders.”
The transaction reflects Hyatt’s ongoing commitment to its asset-light strategy, a model focused on generating shareholder value by emphasizing management and franchise operations over property ownership. Proceeds from the sale will be applied to repay a delayed draw term loan originally used to fund a portion of the Playa acquisition. Hyatt expects its pro forma net leverage to remain aligned with levels necessary to maintain its investment-grade credit profile.
Several financial and legal advisors supported both parties throughout the process. BDT & MSD Partners acted as Hyatt’s lead financial advisor, with Berkadia serving as real estate advisor and Latham & Watkins LLP as legal counsel. Goldman Sachs & Co. LLC served as Tortuga’s exclusive financial advisor, and Simpson Thacher & Bartlett LLP provided legal counsel to Tortuga.
Despite the transaction’s successful completion, Hyatt continues to address operational challenges caused by natural disasters. In October 2025, Hurricane Melissa caused significant damage to seven of Hyatt’s properties in Jamaica. All guests and colleagues were safely evacuated, with no loss of life reported. However, the storm resulted in extensive property damage and affected numerous employees. Hyatt has extended financial support to its colleagues in Jamaica through the Hyatt Care Fund, direct company assistance, and donations from employees. The affected properties are expected to remain closed until the fourth quarter of 2026, with the company assessing the full financial impact. More detailed information is available in Hyatt’s Form 8-K filed today, which outlines estimated 2025 financial impacts related to the hurricane.
Overall, the $2 billion sale to Tortuga, combined with Hyatt’s continued operational role under long-term management agreements, represents a strategic step in reshaping the company’s portfolio and reinforcing its position in the global luxury hospitality market. By retaining a stake in Tortuga and maintaining operational oversight of the majority of properties, Hyatt continues to benefit from both asset-light growth and long-term revenue potential.
This transaction highlights the alignment of both companies’ visions for luxury beachfront hospitality in key markets, ensuring that Hyatt’s guests continue to experience its signature level of service while providing Tortuga a platform to expand its presence across Mexico and the Caribbean. As the hospitality landscape evolves, Hyatt’s strategic focus on asset-light operations combined with long-term management agreements positions the company to deliver sustained value to shareholders, employees, and guests alike.
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