Hyatt Reveals Talks of Possible Playa Hotels Acquisition
Hyatt Hotels has entered into an exclusivity agreement with Playa Hotels & Resorts, under which Playa has agreed to negotiate solely with Hyatt regarding a potential acquisition among other options.
Hyatt stated in a press release that there is no guarantee any transaction will result from its exclusive talks with Playa, nor can the terms of any deal be assured. The company says it does not plan to provide further updates unless a definitive agreement is reached.
“Playa has been an invaluable partner for many years, operating some of the world’s top all-inclusive resorts. The company owns an exceptional portfolio of high-end resorts in prime locations across the Caribbean and Mexico,” said Mark S. Hoplamazian, President and CEO of Hyatt. “We are exploring strategic alternatives that could create significant value for Hyatt by adding durable, incremental fee streams. We remain committed to our asset-light business model, and if this process moves forward, we will ensure a path to an asset-light outcome for any strategic decisions we pursue.”
Playa Hotels & Resorts also confirmed the exclusivity arrangement, which will remain in effect until either a definitive agreement is signed or February 3, 2025.
“Our Board and management regularly assess our structure, strategy, and opportunities to enhance shareholder value. We are pleased to engage in exclusive discussions with Hyatt about potential strategic options,” said Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts. “Hyatt’s interest in our business highlights the strength of our operations and the dedication of our team. The Playa Board and management will remain open-minded and focused on acting in the best interests of all shareholders.”
In recent years, Hyatt has aggressively expanded its portfolio, acquiring several brands, such as Alila, Thompson Hotels, Apple Leisure Group, Mr & Mrs Smith, Standard Hotels, and more.
Playa currently runs 24 resorts under popular brands such as Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Kimpton, The Luxury Collection and more.
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