Hyatt Seals $2B Real Estate Sale, Cementing Asset-Light Future with New Player Tortuga Resorts

CHICAGO, IL – December 30, 2025 – Hyatt Hotels Corporation has finalized a landmark $2.0 billion transaction, selling a significant portfolio of all-inclusive resort real estate to Tortuga Resorts, a newly formed hospitality platform. The deal marks a pivotal moment for both companies, accelerating Hyatt’s strategic shift away from property ownership while establishing Tortuga as an immediate and formidable force in the luxury beachfront market across Mexico and the Caribbean.

The sale encompasses the real estate of 14 properties previously acquired from Playa Hotels & Resorts N.V., located in prime destinations across Mexico, the Dominican Republic, and Jamaica. This move is the culmination of a multi-stage disposition, which included the separate $22 million sale of one property in September 2025. Critically for Hyatt, the deal is not an exit. Concurrent with the sale, the company has secured 50-year management agreements for 13 of the resorts, ensuring its brands and operational control remain firmly in place for decades to come.

“This closing is the culmination of a transformative transaction for Hyatt’s Inclusive Collection,” said Javier Águila, President of Hyatt's Inclusive Collection, in a statement. “With this transaction, we’ve secured long-term management agreements for a portfolio of exceptional resorts that reflect our commitment to excellence.”

A Triumph for the Asset-Light Strategy

This $2 billion deal is the most significant milestone to date in Hyatt's long-term corporate strategy to become an “asset-light” company. Since 2017, the global hospitality giant has systematically divested billions in real estate to reduce its owned-asset footprint. The goal is to transition from a capital-intensive model of owning and operating hotels to a more agile, fee-based business focused on management and franchising.

This model is heavily favored by investors as it generates more predictable, recurring revenue streams from management fees, reduces balance sheet risk, and typically commands higher valuation multiples. Proceeds from the Tortuga sale will be used to pay down debt incurred during the original acquisition of the Playa portfolio, a move designed to strengthen Hyatt’s balance sheet and maintain its coveted investment-grade credit profile.

Further sweetening the deal, Hyatt has structured the transaction to retain a stake in the portfolio's future success without the burden of ownership. The company holds $200 million of preferred equity in Tortuga and stands to gain an additional earnout of up to $143 million if the properties meet certain operating thresholds. This hybrid approach allows Hyatt to benefit from the upside of the thriving all-inclusive market while freeing up capital for brand growth and other strategic investments.

Enter Tortuga: A New Power Player Emerges

While Hyatt’s strategic pivot is a major part of the story, the transaction also marks the dramatic entrance of Tortuga Resorts onto the luxury hospitality stage. Far from an unknown entity, Tortuga is a new platform formed and backed by two private equity heavyweights: KSL Capital Partners, LLC, and Rodina.

KSL Capital Partners is one of the most respected investors in the travel and leisure space, with a deep history of acquiring, developing, and enhancing high-end resorts, hotels, and ski areas globally. Their involvement signals significant confidence in the long-term value of the all-inclusive market and these specific assets. By launching Tortuga, KSL and Rodina are creating a specialized vehicle to dominate the luxury beachfront segment.

“The completion of this transaction marks a defining moment, establishing Tortuga as a scaled, leading platform in luxury beachfront hospitality across Mexico and the Caribbean,” stated Leo Schlesinger, CEO of Tortuga. “We are excited to deepen our partnership with Hyatt and to work closely with our brand partners, property teams and investors to unlock new opportunities for growth.”

Tortuga's strategy appears to be one of symbiotic partnership. The firm will focus on its core strength—asset management and strategic capital investment to enhance the physical properties—while leveraging Hyatt's world-class operational expertise, global distribution network, and the powerful World of Hyatt loyalty program to drive revenue and occupancy.

Navigating Crisis Amidst Transformation

The timing of this massive transaction is complicated by the harsh realities of climate change. A significant operational and financial challenge looms over the portfolio following the devastating impact of Hurricane Melissa, which struck the Caribbean in October 2025. According to Hyatt, seven of its Inclusive Collection properties in Jamaica sustained extensive damage and are expected to remain closed for a lengthy rebuilding period, with a target reopening in the fourth quarter of 2026.

The human toll was also significant, with many colleagues experiencing extensive damage to their homes, though all guests and staff were safely evacuated. Hyatt has confirmed that financial assistance is being provided through its Hyatt Care Fund and direct company support.

This situation presents an immediate, complex test for the new Hyatt-Tortuga partnership. The two companies must now collaborate closely on a massive rebuilding and recovery effort for nearly half the properties in the deal. This will involve navigating complex insurance claims, managing large-scale construction projects, and supporting a local workforce through a prolonged period of disruption. The extended closures will inevitably impact revenue projections and test the resilience of both the partnership and Jamaica’s broader tourism infrastructure.

The successful relaunch of these seven resorts will be a critical measure of the operational synergy between Tortuga’s asset management and Hyatt’s on-the-ground execution. For now, the dual challenge of integrating a multi-billion-dollar portfolio while simultaneously orchestrating a major disaster recovery effort underscores the immense complexities facing both organizations as they embark on this new chapter.