08:45 AM EDT, 06/30/2025 (MT Newswires) -- Hyatt Hotels ( H ) agreed to sell Playa Hotels & Resorts' real estate portfolio to Tortuga Resorts for $2 billion, as part of the hospitality company's aim to maintain an asset-light business model following its acquisition of Playa.

The portfolio includes 15 resorts in Mexico, the Dominican Republic and Jamaica, Hyatt said on Monday. The company agreed to management arrangements with Tortuga -- a joint venture between a KSL Capital Partners affiliate and investment firm Rodina -- for 13 of the properties for 50 years, in line with its current fee structure. The remaining properties will be under separate contractual terms.

Hyatt said it can achieve up to an additional $143 million in earnings from the portfolio divestment, if certain operating thresholds are met. The company will retain $200 million of preferred equity from the transaction.

The deal, which requires approval in Mexico, is expected to be completed before the end of the year, Hyatt said. Shares of the hotel chain were up 1.5% in premarket activity.

"The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt's fee-based earnings," Hyatt Chief Executive Mark Hoplamazian said in a statement. "The planned real estate sale demonstrates Hyatt's commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year."

Earlier in June, Hyatt completed its acquisition resort operator Playa after the companies announced a $2.6 billion deal in February. At the time of the deal announcement, Hyatt said it would seek potential buyers for Playa's owned properties, as it sought to remain an asset-light business.

Hyatt expects the net purchase price for the remaining of Playa's business to be roughly $555 million after the sale of the portfolio. The company also aims to earn $60 million to $65 million of stabilized adjusted earnings before interest, taxes, depreciation and amortization in 2027, including earnings from Unlimited Vacation Club and ALG Vacations.

Hyatt plans to use the proceeds from the portfolio sale to repay a delayed draw term loan, which was used to fund a portion of its acquisition of Playa.