H
yatt Hotels Corporation has entered into a definitive agreement to sell its entire owned real estate portfolio, acquired from Playa in June 2025, for $2.0 billion to Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina. The sale is contingent on regulatory approval in Mexico and customary closing conditions, with an expected close date before the end of 2025.

    The real estate portfolio comprises 15 all-inclusive resorts across Mexico, the Dominican Republic, and Jamaica. Hyatt will enter into 50-year management agreements for 13 properties, while two others have separate contractual arrangements. The company will retain $200 million in preferred equity from the transaction.

    Following the sale, Hyatt's net purchase price for Playa's asset-light management business is approximately $555 million. This represents a significant increase in fee-based earnings, with expected stabilized Adjusted EBITDA of $60 to $65 million in 2027, an implied multiple of 8.5x – 9.5x.

    "This transaction transforms the acquisition into a fully asset-light deal and increases our fee-based earnings," said Mark Hoplamazian, Hyatt's president and CEO. "We've secured long-term management agreements and demonstrated our commitment to our asset-light business model."

    The proceeds from the sale will be used to repay a delayed draw term loan, maintaining pro forma net leverage consistent with investment-grade credit thresholds. BDT & MSD Partners is acting as lead financial advisor to Hyatt, while Goldman Sachs serves as exclusive financial advisor to Tortuga.