H
yatt Hotels Corporation has sold its real estate portfolio acquired from Playa Hotels & Resorts to Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina's affiliate. The $2 billion deal transfers ownership of 15 all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica.
Key transaction details include:
* Sale value: $2 billion
* Buyer: Tortuga Resorts (KSL Capital Partners and Rodina affiliate)
* Properties: 15 all-inclusive resorts
* Closing date: Expected Q3 2025
This sale is part of Hyatt's strategy to operate as an asset-light hospitality company, following its acquisition of Playa Hotels & Resorts for $2.6 billion in June 2025.
Under the terms of the deal, Hyatt retains long-term management agreements for all 15 properties, with a 50-year term and standard franchise fee structure. The company also receives $200 million in preferred equity in Tortuga Resorts and up to an additional $143 million earnout if certain operating thresholds are met.
This transaction enables Hyatt to reduce net debt from the Playa acquisition, maintain control of resort operations, and increase fee-based earnings, aligning with its goal of 90% asset-light earnings by 2027.
