Hyatt has finalized an agreement to transfer the complete portfolio of properties it purchased on June 17 from Playa Hotels & Resorts NV to Tortuga Resorts, a partnership between KSL Capital Partners and Rodina, as stated on its website.
Besides the $2 billion, Hyatt could obtain a contingent amount of as much as $143 million.
With the completion of the sale, Hyatt and Tortuga Resorts will enter into a 50-year contract in which Hyatt will deliver services for 13 of the 15 properties being transferred. Hyatt will also keep $200 million in preferred shares in the resorts.
Considering the earnings from the resort sales, Hyatt’s payment for the Playa asset management business will total $555 million.
“The intended sale of the Tortuga assets turns the purchase of Playa Hotels & Resorts into an asset-light deal and boosts Hyatt’s fee revenue,” stated Hyatt CEO Mark Hoplamazian.
source: bloomberg.com
