Hyatt Hotels announced plans to sell its Playas real estate portfolio, just acquired from Playa as recently as June 17, 2025, for $2 billion to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. Hyatt stands to earn an additional $143 million if specified operating thresholds are achieved. The deal is expected to close by the end of 2025 and is subject to regulatory approval in Mexico.
“The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica,” according to the deal’s press release. “Upon completion of the real estate sale, Hyatt is required to use the proceeds to repay the delayed draw term loan used to fund a portion of the Playa acquisition and expects pro forma net leverage to be consistent with thresholds necessary to maintain its investment-grade credit profile.”
Resort Market, 2018-2030
Source: Grand View Research (market size is in billions)
After disastrous declines during the covid-19 pandemic, the global resort market has slowly climbed back toward 2019 highs – and is projected to near $950 billion by 2030. “As consumers seek more immersive and luxurious travel experiences, resorts have become a preferred choice for vacationers looking to combine relaxation with a variety of amenities,” according to analysts. “This trend has been particularly pronounced in regions like Asia-Pacific and the Middle East, where investments in high-end resort properties have surged to cater to both domestic and international tourists.” As the chart above depicts, the Asia Pacific region dominates the sector.
Many resorts have tailored their experiences toward wellness, eco-tourism, and other specialties that appeal to particular segments of the tourism market.
Source: Beyer Brown
All inclusive resorts began in the 1950s but did not expand rapidly until the 1980s-90s, as travelers were drawn to the simplicity of having everything in one place. They first catered to solo travelers, then to honeymooners and families, and most recently the luxury end has grown most rapidly. “Private resort-wide beaches have now given way to private pools off your patio of your private cabana, and cottages suspended over the ocean with individual access to the water,” according to industry analysts. “Buffets have led to submerged restaurants nestled among the reef with a 360 degree view of the fish below.”
According to DealPulse’s M&A database, which harnesses both AI and attorneys to digest the granular deal points of publicly announced transactions, Tortuga is advised by Simpson Thacher & Bartlett LLP, while Hyatt is advised by Latham & Watkins LLP.
