Hyatt Hotels Corporation (NYSE: H), has executed an exclusivity agreement with Playa Hotels & Resorts NV (NASDAQ: PLYA), the owner/operator and developer of resorts in Mexico, Jamaica and the Dominican Republic.
According to the companies, Playa agreed to negotiate exclusively with Hyatt regarding potential strategic alternatives, which may include the acquisition of Playa by Hyatt. Playa currently owns and/or manages a total portfolio consisting of 24 resorts – encompassing over 9,000 rooms – under the brands Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts and The Luxury Collection.
Hyatt added it would not offer additional comment further on these discussions unless and until a definitive agreement has been fully executed.
“Playa has been a valuable partner for many years, is one of the world’s strongest operators of all-inclusive resorts, and owns a premier portfolio of high-quality, high-end all-inclusive resorts in iconic locations and key markets across the Caribbean and Mexico,” said Mark S. Hoplamazian, president and CEO of Hyatt. “Strategic alternatives under consideration could have compelling strategic merit to add new incremental durable fee streams for Hyatt. We remain steadfastly committed to our asset-light business model and if this process continues, we will continue to map out a clear path for an asset-light outcome for any strategic alternatives we undertake.”
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