Playa Hotels & Resorts N.V. (NASDAQ: PLYA) today confirmed it has entered into an agreement with Hyatt Hotels Corporation (NYSE: H) under which an indirect wholly owned subsidiary of Hyatt will acquire all outstanding shares of Playa for $13.50 per share in cash.
“We are pleased to enter into this agreement with Hyatt and look forward to delivering the many benefits of the transaction to Playa’s shareholders, guests, employees and other stakeholders,” said Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts. “Following a deliberate and comprehensive review of opportunities, the Playa Board concluded that the proposed transaction with Hyatt is in the best interest of the Company. As a result of our robust process and engagement with a number of potential counterparties, we are confident that this transaction maximizes shareholder value. The transaction will deliver to Playa shareholders a 40% premium to the Company’s unaffected stock price prior to the disclosure of exclusive discussions with Hyatt.”
Mr. Wardinski continued, “We have a longstanding partnership with Hyatt and their support has been instrumental to Playa’s success. The transaction is a testament to the strength of our portfolio and management platform, the remarkable dedication of our team and the incredible value we provide our guests. The combination of Playa’s premier beachfront luxury properties, our exceptional resort staff’s Service from the Heart, and Hyatt’s world-class brand and operational excellence has redefined the all-inclusive experience for discerning travelers. We are pleased that Playa’s remarkable resorts will be in excellent hands going forward, continuing to delight guests.”
Timing and Approvals
The acquisition is anticipated to close later this year, subject to Playa shareholder and regulatory approval as well as other customary closing conditions.
PJT Partners LP is serving as financial advisor to Playa Hotels & Resorts and Hogan Lovells and NautaDutilh N.V. are serving as legal counsel.
About Playa Hotels & Resorts N.V.
Playa Hotels & Resorts N.V., through its subsidiaries (NASDAQ: PLYA, “Playa”), is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica and the Dominican Republic. Playa currently owns and/or manages a total portfolio consisting of 24 resorts (8,627 rooms) under the following brands: Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Kimpton, Jewel Resorts and The Luxury Collection. Playa leverages years of all-inclusive resort operating expertise and relationships with globally recognized hospitality brands to provide a best-in-class experience and exceptional value to guests, while building a direct relationship to improve customer acquisition cost and drive repeat business. For more information, please visit www.playaresorts.com.
