H
yatt's recent deal to sell 15 resorts in Mexico and the Caribbean marks a significant shift towards its asset-light strategy. The company will retain management rights for these properties, while selling the underlying real estate to Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina.

    This move follows Hyatt's acquisition of Playa Hotels & Resorts just two weeks prior, in which it paid $2.6 billion. By offloading the real estate portfolio, Hyatt will reduce its exposure to volatile cash flows tied to depreciating assets, making it less susceptible to downturns.

    As a result, Hyatt's net cost to manage Playa's resorts will be approximately $555 million, significantly lower than the original acquisition price. This deal reinforces Hyatt's commitment to its asset-light model, positioning the company as a capital-light services business.