Hyatt Hotels Corporation announced on Monday that it agreed to purchase Playa Hotels & Resorts N.V. for $13.50 per share, or approximately $2.6 billion, including nearly $900 million of debt, net of cash, in a bid to expand its business in Mexico and the Caribbean.
"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," Hyatt President and CEO Mark Hoplamazian said. "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," he added.
Hyatt, which currently holds a 9.4% stake in Playa Hotels, expects the acquisition to close later this year.
