Hyatt Hotels Corp. plans to acquire Playa Hotels & Resorts for approximately $2.6 billion, marking a significant expansion of its all-inclusive resort portfolio in the Caribbean and Mexico.
The two companies had been engaged in exclusive negotiations regarding "potential strategic alternatives" since late December.
The deal is expected to close later this year.
The acquisition builds on a partnership that began in 2013, when Hyatt first invested in Playa, leading to the creation of the Hyatt Ziva and Hyatt Zilara brands.
Hyatt currently owns 9.4% of Playa's shares.
Playa owns and/or operates 24 resorts across Mexico, Jamaica and the Dominican Republic, including eight Hyatt Ziva and Hyatt Zilara properties.
Notably, Playa's portfolio also includes properties operating under several other major hotel company brands, including Hilton, Marriott's Luxury Collection, Wyndham and IHG's Kimpton flag.
"We have respected and benefited from Playa's operating expertise and outstanding guest experience delivery for years," Hyatt CEO Mark Hoplamazian said in a statement, adding that the pending transaction will enable Hyatt to "broaden our portfolio while providing more value to all of our stakeholders through an expanded management platform for all-inclusive resorts."
Hyatt's all-inclusive push
The acquisition represents Hyatt's latest major move into the all-inclusive sector, following its 2021 acquisition of Apple Leisure Group and a 2024 joint venture with Grupo Pinero that added Bahia Principe Hotels & Resorts to Hyatt's Inclusive Collection.
As of late 2024, Hyatt's Inclusive Collection had reached more than 120 resorts across Latin America, the Caribbean and Europe.
In addition to the Hyatt Ziva and Hyatt Zilara concepts, Hyatt's all-inclusive brands include the Zoetry, Secrets, Dreams, Hyatt Vivid, Sunscape and Alua flags.