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What you need to know
- Playa Hotels’ shares rose Monday following the announcement that it has entered into discussions with Hyatt Hotels to acquire its hotel.
- Playa signed an exclusivity contract with Hyatt that will last until either the deal is made or February 3.
- Playa owns and operates a total of two dozen resorts, located in Jamaica, Dominican Republic, Mexico and other locations. This includes collaborations between Hyatt Wyatt Hilton.
Playa Hotels’ (PLYA), a resort operator, announced Monday that it had entered into an investigation to see if Hyatt Hotels could acquire the company.
Discussions will take place between the two sides “strategic options,” Playa announced Monday that the deal would include a possible acquisition and last until either a final agreement is reached or February 3.
Hyatt Chief Executive Officer Mark Hoplamazian on Monday called Playa a "valuable partner for many years," and said a potential deal could "have compelling strategic merit to add new incremental durable fee streams for Hyatt."
Playa Hotels Runs Resorts In Mexico, Jamaica and Dominican Republic
Playa has more than 8600 rooms in two dozen resorts located throughout Mexico, Jamaica and Dominican Republic. These are operated under the brands Hyatt (HLT) and Wyndham(WH). Hyatt owns and operates over 1,300 hotels in 79 countries.
Playa’s CEO Bruce Wardinski reiterated Playa’s belief in the company’s latest earnings call, last month. “tremendous opportunity” For consolidation of the all-inclusive industry. Wardinski stated that Hyatt made a deal with another company which operates in the same market as Playa. “just really smart strategically” Playa said that the transaction would likely not have any impact on its business.
Hyatt’s shares fell by almost 2% on Monday. Playa stock was up by 28% and is now more than 40% above its year-end level.
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