Hyatt Hotels has made a huge acquisition to expand its international presence and boost its luxury offerings. Today, the hospitality giant announced plans to acquire Playa Hotels & Resorts for $2.6 billion, or $13.50 per share. That represents a four percent premium from Playa's closing price of $12.94 per share on Friday.
Hyatt said that the deal could allow it to strike long-term management deals for its luxury Zilara and Ziva brands. Those resort offerings are located in Jamaica, the Dominican Republic, and Mexico. All of those areas are where Playa operates, which amounts to 24 total locations.
The move will also give more perks to Playa guests with Hyatt incorporating its distribution channels, ALG Vacations and Unlimited Vacation Club.
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The deal is expected to close later in 2025. It is subject to both approvals from Playa's shareholders and on the regulatory front.
“Hyatt has firmly established itself as a leader in the all-inclusive space, a journey that began in 2013 through an investment in Playa Hotels & Resorts that launched the Hyatt Ziva and Hyatt Zilara brands,” Mark Hoplamazian, president and CEO of Hyatt, said in a statement.
“We have respected and benefitted from Playa’s operating expertise and outstanding guest experience delivery for years through their ownership and management of eight of our Hyatt Ziva and Hyatt Zilara hotels. This pending transaction allows us to broaden our portfolio while providing more value to all of our stakeholders through an expanded management platform for all-inclusive resorts.”
The move by Hyatt comes months after it entered a 50/50 split joint venture with Grupo Piñero to add Bahia Principe Hotels & Resorts to its portfolio. Hyatt said at the time that it was expected to broaden its all-inclusive rooms by roughly 30 percent. Currently, it has 55,000 all-inclusive rooms located in the Caribbean, Europe, and Latin America.
The Chicago-based firm anticipates funding the Playa deal with debt financing, which it plans to support 80 percent through asset sales. By the end of 2027, Hyatt forecasts to earn at least $2 billion from asset sales.
On the Playa deal, BDT & MSD Partners served as the lead financial advisor, while Berkadia acted as the real estate advisor.
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