FAIRFAX, Va. – April 19, 2021 – Playa Hotels & Resorts N.V. today announced that it has entered into a binding agreement with a third party to sell the Capri Hotel for a total consideration of $55 million in cash. Upon closing, the Company expects to execute a management contract and will operate the resort once it reopens after repositioning and renovation. The third party purchasing the hotel expects to simultaneously sign a franchise agreement with a globally recognized brand upon closing.
The Company has also signed a hotel management agreement with the same third party for a 438-room luxury hotel in Riviera Maya, Mexico that is currently under renovation and expected to open during the third quarter of 2021 as the Hyatt Ziva Riviera Cancun.
“These management contracts are a capital-light step forward on our path to operating a fully branded portfolio of all-inclusive resorts,” said Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts. “We are looking forward to working with our new owner partner and once the resorts reopen we will focus on what we do best: deliver unparalleled Service from the Heart.”
“We are extremely pleased to announce this strategic transaction, which is a milestone confirming hotel owners’ interest in proven, branded all-inclusive resorts managed by Playa,” said Fernando Mulet, EVP and Chief Development Officer. “These resorts are high quality additions to our exceptional portfolio of managed resorts that will further leverage our existing infrastructure and expertise.”
The sale of the Capri Hotel is subject to customary closing conditions, and the Company offers no assurances that this sale will be completed. The Company expects the transaction to close in the second quarter of 2021.
