A resort real estate investment partnership between KSL Capital Partners and Rodina is acquiring a $2bn (€1.7bn) property portfolio from Hyatt Hotels.
Hyatt Hotels said it has agreed to sell the real estate portfolio – acquired as part of its acquisition of Playa Hotels & Resorts – to the Tortuga Resorts partnership.
This disposal comes shortly after Hyatt Hotels completed its acquisition of all outstanding shares of Playa on 17 June 2025, an agreement initially confirmed in February.
Hyatt Hotels said it expects to achieve up to an additional $143m from the deal based on certain targets being met.
The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic and Jamaica.
As part of the deal Hyatt Hotels and Tortuga agreed to a 50-year management agreement for 13 of these properties. The remaining two properties operate under separate contractual arrangements.
Hyatt Hotels said it will retain $200m of preferred equity in connection with the transaction.
Mark Hoplamazian, president and CEO, Hyatt Hotels, said: “The planned real estate sale to Tortuga transforms the acquisition of Playa into a fully asset-light transaction and increases Hyatt’s fee-based earnings.
“Hyatt Hotels has secured long-term, durable management agreements and the planned real estate sale demonstrates Hyatt’s commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year.”
Hyatt Hotels said it expects to use the proceeds to repay the delayed draw term loan used to fund a portion of the Playa Hotels acquisition.
To read the latest IPE Real Assets magazine click here.
