Tortuga Resorts to acquire the real estate portfolio of Playa from Hyatt for $2bn.

Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina, agreed to acquire the real estate portfolio of Playa Hotels & Resorts, an all-inclusive oceanfront resorts owner, from Hyatt, an American multinational hospitality company, for $2bn. "The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt’s fee-based earnings. Hyatt 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," Mark Hoplamazian, Hyatt President and CEO.