Hyatt Hotels Corporation completed the acquisition of Playa Hotels & Resorts N.V. through a tender offer process at $13.50 per share.
The acquisition included 15 owned all-inclusive resorts across Mexico, the Dominican Republic, and Jamaica known as the Playa Portfolio.
Transaction financing involved a $1,700 million delayed draw term loan facility and the issuance of $1 billion in senior notes due in 2028 and 2032.
Acquisition Details
Hyatt acquired a majority of Playa's outstanding shares and repaid Playa's existing term loan during the acquisition process.
Employee Awards
Unvested restricted share awards were converted to cash, and outstanding unvested awards were converted to time-vested restricted stock units.
Transaction Financing
Hyatt entered into a credit agreement for a term loan facility, issued senior notes, and plans to repay the loans with proceeds from the sale of the Playa Portfolio.
- The acquisition expands Hyatt's presence with all-inclusive resorts in key touristic regions.
- The financing structure with term loans and senior notes provides flexibility for future financial activities.
The completion of the Playa Hotels & Resorts N.V. acquisition marks a strategic move for Hyatt Hotels Corporation, enhancing its resort portfolio and financial leveraging options.