Hyatt Hotels Corp (NYSE: H) said on Monday that it had entered into an agreement to acquire all outstanding shares of Playa Hotels & Resorts N.V. for nearly $2.6 billion ($13.50 per share), including about $900 million of debt, net of cash.
At present, Hyatt owns 9.4% of Playa’s outstanding shares.
”Hyatt has firmly established itself as a leader in the all-inclusive space, a journey that began in 2013 through an investment in Playa Hotels & Resorts that launched the Hyatt Ziva and Hyatt Zilara brands,” Mark Hoplamazian, President and Chief Executive Officer, said in a press release.
”We have respected and benefitted from Playa’s operating expertise and outstanding guest experience delivery for years through their ownership and management of eight of our Hyatt Ziva and Hyatt Zilara hotels. This pending transaction allows us to broaden our portfolio while providing more value to all of our stakeholders through an expanded management platform for all-inclusive resorts.”
BDT & MSD Partners is serving as lead financial advisor to Hyatt, while BofA Securities, J.P. Morgan and Wells Fargo are also acting as financial advisors.
Berkadia is acting as Hyatt’s real estate advisor.
Stock Performance
The shares of Hyatt Hotels Corp (H) closed 0.99% ($1.63) lower at $162.39 in New York on Monday.
The company’s total market cap now stands at $15.596 billion.
The shares of Hyatt Hotels Corp (H) went up 20.37% in 2024, compared with a 13.32% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen another 3.45% so far this year.
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