Hyatt Hotels Corporation has closed the sale of the real estate portfolio it previously acquired from Playa Hotels & Resorts to Tortuga Resorts for approximately US$2 billion.

The Chicago-headquartered hotel management company announced in June 2025, following the completion of the acquisition of Playa’s assets, the divestment of some of the properties in its portfolio to Tortuga.

The real estate portfolio originally consisted of 15 all-inclusive properties located across Mexico, the Dominican Republic, and Jamaica. However, as previously disclosed, Hyatt sold one of the properties to a separate third-party buyer on September 18, 2025, for US$22 million.

Combining the completion of this earlier sale and the Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio for a total of US $2 billion. Hyatt can achieve up to an additional US$143 million earnout if certain operating thresholds are met, and has retained US$200 million of preferred equity in Tortuga in connection with the transaction.

“This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection,” Javier Águila, president, Inclusive Collection, Hyatt, shared in a release.

Concurrent with the real estate sale, Hyatt and Tortuga have entered 50-year management agreements for 13 of the 14 properties in the portfolio, with terms consistent with Hyatt’s existing all-inclusive management agreements. The remaining property is subject to a separate contractual arrangement.

“With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence. We are deeply grateful to the teams who made this transaction possible. Throughout this process, we’ve seen strong cultural alignment grounded in care between Playa and Hyatt, which has been key to achieving this milestone and will help us deliver even more memorable all-inclusive experiences for guests,” Águila outlined further.

According to Hyatt, the sale to Tortuga demonstrates Hyatt’s commitment to its asset-light business model and to delivering value to shareholders.

Tortuga Resorts is a premier real estate and asset management platform focused on luxury beachfront hospitality across Mexico and the Caribbean.

“The completion of this transaction marks a defining moment, establishing Tortuga as a scaled, leading platform in luxury beachfront hospitality across Mexico and the Caribbean,” noted Leo Schlesinger, CEO of Tortuga.

“We are excited to deepen our partnership with Hyatt and to work closely with our brand partners, property teams and investors to unlock new opportunities for growth. Together, we will leverage our reach and capabilities to create unforgettable experiences for the guests and communities we serve and deliver long-term value for all stakeholders,” he added.

Hyatt will use the proceeds from the real estate sale to repay the delayed draw term loan that funded a portion of the Playa acquisition.

In the meantime, seven of Hyatt’s properties in Jamaica will remain closed until the fourth quarter of 2026 as a result of damage from Hurricane Melissa in October 2025. Hyatt has indicated that it has provided financial assistance to colleagues in Jamaica through the Hyatt Care Fund, donations from Hyatt colleagues, and direct financial support from Hyatt.