CHICAGO - August 13, 2013 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) today announced that a wholly owned Hyatt subsidiary has closed a previously announced investment in Playa Hotels & Resorts B.V. (“Playa”), a company that has been formed to own, operate and develop all-inclusive resorts. This transaction allows Hyatt to increase its resort presence in Latin America and the Caribbean and create long-term value by providing a platform for future growth, as well as strong returns from common and preferred interests and recurring franchise fees.
Playa’s portfolio will include 13 resorts totaling approximately 5,800 rooms across the Dominican Republic, Mexico and Jamaica. In connection with its investment, Hyatt will enter into franchise agreements for six of the 13 all-inclusive resorts, or approximately 2,800 rooms, which will operate as Hyatt-branded resorts. Under an agreement with Hyatt, Playa will have certain exclusive rights to operate Hyatt-branded all-inclusive resorts in five Latin American and Caribbean countries through 2018.
The first two Hyatt-branded all-inclusive resorts, currently Barceló Los Cabos and THE ROYAL Cancún, will be introduced later this year and undergo multimillion-dollar renovations of the existing properties. The additional all-inclusive resorts are expected to be introduced in 2014 and 2015.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation or one or more of its affiliates.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company’s subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt House® brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2013, the Company’s worldwide portfolio consisted of 524 properties in 46 countries. For more information, please visit www.hyatt.com.
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Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company.