Hyatt Hotels Corporation has confirmed the closing of a major real estate deal worth approximately $2 billion. The company has sold a portfolio of all-inclusive resorts, previously acquired from Playa Hotels & Resorts N.V., to the asset management platform Tortuga. This transaction follows the earlier sale of a single property in September for $22 million. Hyatt stands to gain a further $143 million earnout if specific operating targets are met. Additionally, Hyatt has kept $200 million of preferred equity within Tortuga as part of the agreement.

The deal covers 14 properties located in prime tourism spots throughout Mexico, Jamaica and the Dominican Republic. Under the new arrangement, Hyatt and Tortuga have signed 50-year management agreements for 13 of these resorts. This ensures that the hotels remain part of the Hyatt Inclusive Collection. The transition supports Hyatt’s goal of moving toward an asset-light business model which focuses on management fees rather than property ownership.

Javier Águila, President, Inclusive Collection, Hyatt, said: “This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection. 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.”

The buyer, Tortuga, is a specialist in luxury beachfront hospitality. Leo Schlesinger, CEO of Tortuga, stated: “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. 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.”

Hyatt plans to use the money from the sale to pay off loans used to fund the initial Playa acquisition. The firm expects to maintain its investment-grade credit profile following the deal. However, the company noted that seven properties in Jamaica remain closed due to damage from Hurricane Melissa in October 2025. These sites are not expected to reopen until late 2026. Hyatt has provided financial aid to staff in the region through its dedicated care fund during the recovery process.