Hyatt Hotels Corporation has closed the sale of Playa Hotels & Resorts’ owned real estate portfolio to Tortuga Resorts for approximately 2.0 billion dollars, cementing a fully asset light structure for the Playa transaction and reshaping the competitive landscape in the Caribbean and Mexico’s all inclusive resort market.

Announced on December 30, 2025, the deal transfers ownership of a high profile collection of beachfront properties while keeping Hyatt in place as long term manager and brand steward for most of the portfolio.

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Details of the 2 Billion Dollar Playa Portfolio Sale

The completed sale covers the real estate portfolio that Hyatt acquired from Playa Hotels & Resorts earlier in 2025 as part of a broader 2.6 billion dollar buyout of the all inclusive specialist.

Hyatt has now sold that real estate to Tortuga for approximately 2.0 billion dollars, with the potential to earn up to an additional 143 million dollars if certain operating thresholds are met in the years ahead.

The structure underscores Hyatt’s determination to recycle capital out of bricks and mortar while retaining long term fee based earnings streams.

The portfolio originally comprised 15 all inclusive resorts across Mexico, the Dominican Republic and Jamaica. Hyatt disposed of one of those resorts separately on September 18, 2025, for 22 million dollars to a third party buyer.

The remaining 14 properties are now part of the Tortuga transaction, bringing total realized proceeds from the Playa real estate portfolio to the round 2.0 billion dollar mark that Hyatt had telegraphed when it first announced the Playa acquisition.

Alongside the cash proceeds, Hyatt has retained 200 million dollars of preferred equity in Tortuga, giving the Chicago based group a continuing financial interest in the performance of the properties without owning the underlying real estate.

The company described the preferred equity stake and potential earnout as enhancing long term upside while keeping the balance sheet consistent with its investment grade ambitions.

Hyatt’s Asset Light Strategy Reaches a New Milestone

The closing of the Tortuga transaction marks a key milestone in Hyatt’s multiyear pivot toward an asset light business model.

The company has spent much of the past decade pruning real estate holdings and accelerating management and franchise growth, a strategy highlighted by earlier commitments to realize at least 2.0 billion dollars from asset sales by 2027.

With the Playa portfolio now off its books, Hyatt says the Playa acquisition is effectively transformed into a fully asset light deal.

Hyatt estimates that after selling the Playa owned real estate, its net purchase price for Playa’s asset light management and related businesses is approximately 555 million dollars.

Those retained businesses include management contracts, vacation club platforms such as Unlimited Vacation Club, and distribution channels like ALG Vacations that were part of Hyatt’s broader all inclusive build out.

The company has previously forecast stabilized adjusted EBITDA from the Playa assets and associated platforms of 60 to 65 million dollars in 2027, implying a high single digit earnings multiple on the net investment.

For investors, the transaction reinforces Hyatt’s narrative as a fee based hospitality platform rather than a traditional hotel property owner.

Proceeds from the Playa real estate sale are earmarked to repay the delayed draw term loan that helped finance the Playa acquisition, a move that should help keep net leverage ratios within the range required to maintain an investment grade credit profile.

Ratings agencies and analysts have generally viewed Hyatt’s pace of asset recycling and deleveraging as a positive signal for balance sheet discipline.

Tortuga Emerges as a New Force in Beachfront Hospitality

For Tortuga Resorts, the Playa deal is transformative. Formed as a joint venture between an affiliate of KSL Capital Partners and Mexican family office Rodina, Tortuga was created to assemble a leading ownership platform focused on luxury and upper upscale beachfront resorts in top Caribbean and Latin American destinations.

Prior to the Hyatt transaction, Tortuga’s portfolio consisted of eight beach resorts totaling roughly 2,900 rooms across three destinations. The addition of the Playa properties significantly scales up that footprint almost overnight.

In statements accompanying the closing, Tortuga executives called the acquisition a defining moment for the company, positioning it as a scaled owner across Mexico and the Caribbean and deepening its partnership with Hyatt as the primary manager and brand operator.

The platform’s strategy centers on long term ownership, capital investment and asset management, while relying on global brands and distribution systems to drive occupancy and rate.

The Playa properties fit neatly with that ambition. These are predominantly large, all inclusive beachfront resorts in high demand leisure destinations that can generate significant cash flow when well managed.

By taking over ownership while keeping Hyatt in place as operator, Tortuga gains access to a stabilized portfolio with embedded brand equity and an existing customer base through programs such as World of Hyatt and the Inclusive Collection.

What the Deal Means for the Resorts Themselves

The portfolio at the heart of the transaction spans iconic beach destinations in Mexico’s Riviera Maya and Pacific coast, the Dominican Republic’s resort corridors and Jamaica’s north shore.

While Hyatt and Tortuga have not publicly itemized the properties in the closing announcement, the group includes a mix of brands such as Hyatt Ziva and Hyatt Zilara, Secrets, Dreams and other Inclusive Collection flags that Hyatt expanded through previous deals, including its acquisition of Apple Leisure Group.

Hyatt and Tortuga have entered into 50 year management agreements for 13 of the 14 properties included in the Tortuga transaction, with terms described as consistent with Hyatt’s existing all inclusive management structure.

The remaining property is subject to a separate contractual arrangement, but Hyatt has not indicated any near term change in its management role there. The half century term underscores both sides’ confidence in the long term appeal of all inclusive beach vacations and the durability of Hyatt’s brands in that segment.

For guests, the immediate experience on property is not expected to change. The same resort brands, loyalty benefits, inclusions and staff will remain in place, while ownership quietly shifts behind the scenes.

Over time, however, Tortuga’s ownership may enable incremental capital investments in renovations, room expansions or amenity upgrades, subject to market conditions and joint planning with Hyatt.

Both companies have framed the transaction as creating a platform for future growth and enhancement rather than cost cutting or rebranding.

One operational challenge remains in Jamaica, where seven properties tied to the Playa portfolio are expected to stay closed until the fourth quarter of 2026 due to damage from Hurricane Melissa in October 2025. Hyatt has previously indicated that reopening timelines will depend on the pace of repairs and rebuilding.

The Tortuga transaction does not alter that reality, but the new ownership structure could play a role in funding and coordinating the restoration work.

Implications for Travelers and the All Inclusive Market

For travelers considering trips to Mexico and the Caribbean, the Hyatt Tortuga deal is largely a behind the scenes financial shift rather than a change that will immediately alter booking behavior.

The resorts are set to remain within the Hyatt network under the same brands, and will continue to participate in World of Hyatt and the company’s Inclusive Collection platforms. Members can still earn and redeem points, access elite benefits and book through familiar channels.

Where the impact may be felt over time is in product investment and the competitive positioning of the all inclusive segment. With Tortuga focused purely on ownership and asset management and Hyatt focused on branding, distribution and guest experience, the two sides are betting that specialization will unlock more value than a traditional owner operator model.

That could manifest in refreshed room product, upgraded food and beverage concepts, expanded wellness offerings or higher end villa and suite inventory aimed at affluent leisure travelers.

The deal also highlights the ongoing institutionalization of the all inclusive category. What was once dominated by regional developers and family owned groups is increasingly attracting large private equity platforms and global hotel companies.

By spinning the Playa real estate to Tortuga while keeping management, Hyatt joins peers that have shifted to capital light structures even in resort heavy leisure markets, reinforcing the notion that brand and distribution power, rather than land ownership, are the primary levers of value.

Financial and Strategic Context for Hyatt

The completion of the Playa real estate sale caps an active financial year for Hyatt. In addition to the Playa acquisition and subsequent asset sale, the company has been active in the debt markets, including the pricing of a 400 million dollar public offering of senior notes due 2035 with a fixed annual interest rate of 5.4 percent.

Equity analysts have largely welcomed Hyatt’s focus on high margin luxury and all inclusive offerings, with several firms assigning overweight ratings and raising price targets in late 2025.

Strategically, Hyatt has framed its evolution around three pillars: expanding its luxury and lifestyle footprint, deepening its presence in resorts and all inclusive destinations, and shifting to more than 90 percent fee based earnings on a pro forma basis over the next several years.

The Playa transaction fits squarely within that framework. By first acquiring Playa to secure management control and then selling the underlying real estate, Hyatt gains scale in a priority segment without tying up excessive capital.

At the same time, the company continues to grow in select service and extended stay through its Essentials portfolio, including new deals for the Hyatt Studios and Hyatt Select brands in the United States.

Taken together, these moves suggest a portfolio that is both upmarket and diversified, with beach resorts in Mexico and the Caribbean playing a prominent role in the leisure mix while urban select service properties support business and transient demand in key markets worldwide.

Market Reaction and Competitive Landscape

Initial market reaction to the closing of the Playa real estate sale has been measured but broadly constructive. Investors had been anticipating the transaction since Hyatt announced a definitive agreement with Tortuga in June 2025, and much of the strategic rationale was already reflected in analyst models.

The final price, earnout structure and preferred equity stake came in line with earlier disclosures, reducing uncertainty and allowing analysts to refine their views on Hyatt’s forward earnings and leverage.

Competitively, the transaction reinforces Hyatt’s position as a major player in the higher end all inclusive arena, a space also contested by Marriott International and other global players that have been building their own resort collections in Mexico and the Caribbean.

With long term contracts in place on 13 of the former Playa resorts, Hyatt secures a pipeline of fee income while creating a dedicated ownership partner in Tortuga that is incentivized to keep the properties aligned with brand standards.

For Tortuga and its backers at KSL Capital Partners and Rodina, the expanded portfolio provides scale benefits in procurement, operations and capital deployment. The company now sits at the center of a network of large, well known leisure resorts under some of the most recognized all inclusive brands in the region.

How aggressively it chooses to expand further, either through acquisitions or greenfield development, will be one of the competitive storylines for the Caribbean hospitality sector in the years ahead.

FAQ

Q1. What exactly did Hyatt sell to Tortuga in this transaction?
Hyatt sold the owned real estate portfolio it acquired from Playa Hotels & Resorts, consisting of 14 resort properties in this closing and one previously sold asset, for a total of 2.0 billion dollars in proceeds, while retaining long term management of most of the resorts.

Q2. Will the resorts still be part of Hyatt and the World of Hyatt loyalty program?
Yes. Hyatt has entered into 50 year management agreements for 13 of the 14 properties included in the Tortuga deal, and these resorts are expected to remain within the Hyatt system and continue to participate in World of Hyatt and the Inclusive Collection.

Q3. Does this sale mean Hyatt is leaving the all inclusive segment?
No. The transaction is designed to keep Hyatt firmly in the all inclusive business as a manager and brand operator while shifting ownership of the bricks and mortar to Tortuga as part of Hyatt’s asset light strategy.

Q4. How many hotels were involved, and where are they located?
The original Playa real estate portfolio included 15 all inclusive resorts across Mexico, the Dominican Republic and Jamaica. One was sold separately in September 2025 and 14 were part of the Tortuga transaction, with most located in major resort corridors along the Caribbean and Pacific coasts.

Q5. Will guests notice any changes at these resorts in the near term?
In the near term, guests are unlikely to notice significant changes, as brands, staff and service standards are expected to remain consistent. Any visible changes would likely come later through renovations, upgrades or new amenities funded by the new ownership and coordinated with Hyatt.

Q6. How does this deal affect Hyatt’s financial position?
The roughly 2.0 billion dollars in proceeds from the Playa real estate sales are being used in part to repay the term loan that financed the Playa acquisition, helping Hyatt maintain leverage levels consistent with its investment grade credit profile while boosting the share of fee based earnings.

Q7. What is Tortuga Resorts, and who backs it?
Tortuga Resorts is a real estate and asset management platform focused on premium and luxury beachfront resorts in Mexico and the Caribbean, backed by KSL Capital Partners, a global private equity investor in travel and leisure, and Rodina, a Mexico City based family office.

Q8. Are any of the properties currently closed, and if so why?
Yes. Seven properties in Jamaica associated with the Playa portfolio are expected to remain closed until the fourth quarter of 2026 due to damage sustained during Hurricane Melissa in October 2025, with reopening dependent on the pace of repair and reconstruction.

Q9. What is meant by an asset light business model in this context?
An asset light model means Hyatt focuses on managing and branding hotels under long term contracts, earning fees from operations, while third party owners such as Tortuga hold the real estate and fund most of the capital expenditures.

Q10. Should travelers booking vacations at these resorts change how they book or plan?
Travelers can continue to book as they have before, using Hyatt’s website, travel advisors, tour operators or vacation package providers. Existing reservations remain valid, loyalty points can still be earned and redeemed, and no changes in booking channels have been announced as a result of the sale.