The transaction includes the potential for an additional $143 million earnout if certain operating thresholds are met

Hyatt Hotels Corporation has completed the sale of its Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for approximately $2 billion, the company announced Tuesday.

The transaction includes the potential for an additional $143 million earnout if certain operating thresholds are met. Hyatt has retained $200 million of preferred equity in Tortuga as part of the deal.

The portfolio originally comprised 15 all-inclusive properties across Mexico, the Dominican Republic and Jamaica. Hyatt previously sold one property to a separate buyer on September 18 for $22 million, bringing the total proceeds from the entire portfolio sale to $2 billion.

Concurrent with the sale, Hyatt and Tortuga have entered into 50-year management agreements for 13 of the 14 properties, with one property subject to a separate arrangement.

This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection, said Javier Águila, President of Hyatt’s Inclusive Collection. With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts.

The sale aligns with Hyatt’s strategy to pursue an asset-light business model. Proceeds will be used to repay the delayed draw term loan that funded a portion of the Playa acquisition, with the company expecting its pro forma net leverage to remain consistent with thresholds necessary to maintain its investment-grade credit profile.

Hyatt also noted that seven properties in Jamaica are expected to remain closed until the fourth quarter of 2026 due to damage from Hurricane Melissa in October 2025.

BDT & MSD Partners served as Hyatt’s lead financial advisor on the transaction, with Berkadia as real estate advisor. Goldman Sachs & Co. LLC acted as financial advisor to Tortuga.