Palantir Technologies lifts guidance after Q2 results beat Wall Street estimates
Investing.com - Stifel raised its price target on Hyatt Hotels (NYSE:H) to $149.00 from $130.00 while maintaining a Hold rating following the company’s completion of its Playa Hotels & Resorts (NASDAQ:PLYA) acquisition.
On June 17, Hyatt Hotels Corporation completed its previously announced $2.6 billion acquisition of Playa Hotels & Resorts N.V., which added 15 all-inclusive resorts to its portfolio. Eight of these properties were already operating under the Hyatt Ziva or Hyatt Zilara brands within the Hyatt system.
Hyatt also announced it is selling the entire real estate portfolio acquired in the Playa deal for $2.0 billion to Tortuga Resorts, a joint venture between an affiliate of KSL Capital Partners (WA:CPAP), LLC and Rodina.
The company will maintain a $200 million preferred equity position in the real estate as part of the transaction with Tortuga Resorts.
The sale of the real estate portfolio is expected to close by year-end, according to Stifel’s analysis of the company’s announcement.
In other recent news, Hyatt Hotels Corporation has announced a definitive agreement to sell Playa’s real estate portfolio for $2 billion to Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina. This transaction involves 15 all-inclusive resort properties across Mexico, the Dominican Republic, and Jamaica, with Hyatt retaining management agreements for 13 properties and $200 million of preferred equity. The sale is expected to transform Hyatt’s acquisition of Playa Hotels & Resorts into an asset-light transaction, potentially increasing its fee-based earnings. Additionally, Hyatt completed the acquisition of Playa Hotels & Resorts, adding 15 all-inclusive resorts to its portfolio, which includes properties under the Ziva and Zilara brands. The acquisition was valued at approximately $2.6 billion, including Playa’s debt, and Hyatt has received all necessary regulatory approvals to proceed. The tender offer for Playa’s shares at $13.50 each has been met with a positive response, with 92.7% of shares tendered, and a subsequent offering period is underway. As part of the acquisition, Playa’s shares are expected to be delisted from Nasdaq.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.