Hyatt Hotels Corp 8-K

What Happened
Hyatt Hotels Corporation announced on December 30, 2025 that it closed the previously disclosed sale of its Playa Resorts portfolio. The buyer, TRQ TORTUGA B.V. (assignee of Turquoise Topco Limited), paid $1,977.5 million (approximately $2.0 billion) in cash at closing. The buyer financed the deal with equity from affiliates of KSL Capital Partners and Rodina, third‑party committed debt, and a $200 million preferred equity investment provided by Hyatt. Hyatt may also receive up to an additional $143 million in earnout payments if certain operating thresholds are met.

The transaction originally covered 15 all‑inclusive properties across Mexico, the Dominican Republic and Jamaica; Hyatt sold one property separately on September 18, 2025 for $22.5 million, so the aggregate proceeds from sales of the Playa real estate portfolio total about $2.0 billion. Concurrent with closing, Hyatt affiliates entered into commercial arrangements for 13 of the 14 remaining properties, including 50‑year hotel management agreements for Hyatt to continue managing those hotels; the last property is subject to a separate agreement.

Key Details

• Closing date: December 30, 2025; purchase price at closing $1,977.5 million (≈ $2.0B).
• Hyatt provided $200 million of preferred equity to the buyer and could receive up to $143 million earnout contingent on performance.
• Portfolio: originally 15 properties; one property sold Sept 18, 2025 for $22.5M; 13 properties now governed by 50‑year Hyatt management agreements.
• Outlook update: Hurricane Melissa reduced Playa’s 2025 Adjusted EBITDA outlook by $10M at the midpoint; excluding Playa, Hyatt expects full‑year 2025 Adjusted EBITDA at the low end of the $1,090M–$1,110M range due primarily to Distribution segment impacts from Jamaica cancellations.

Why It Matters
This transaction monetizes Hyatt’s Playa real estate while preserving long‑term fee revenue and operations: Hyatt sold the properties but secured long‑term management agreements on most hotels, so it converts asset ownership into cash while maintaining management income streams. The $200M preferred equity investment and potential $143M earnout mean part of Hyatt’s economic exposure remains tied to the assets post‑closing. Investors should note the near‑term impact on 2025 Adjusted EBITDA from Hurricane Melissa and related cancellations, and review Hyatt’s pro forma and forward‑looking disclosures for details on how proceeds and ongoing arrangements affect financial results.